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Oil Slides on US-Iran Ceasefire Extension as Dollar Weakness Looms

Crude prices fell sharply as the United States and Iran agreed to extend their ceasefire arrangement by 60 days. This eased concerns about supply disruptions through the Strait of Hormuz. Brent crude is tracking toward its largest monthly decline since 2020 on expectations that shipping flows through the critical chokepoint will normalize. The ceasefire agreement bolstered market sentiment that geopolitical tensions may de-escalate, reducing risk premiums in energy markets. The U.S. dollar faces headwinds after a period of strength. Chinese technology firms reported earnings pressures from elevated spending requirements, signaling potential softness in manufacturing demand.