Oil prices rise as traders eye fragile US-Iran ceasefire

On Wednesday, the cost of crude oil experienced a significant plunge following the announcement of a new deal. This agreement notably includes the reopening of the crucial Strait of Hormuz, a key shipping route for global oil supplies. The deal likely aims to de-escalate broader geopolitical tensions, possibly between the US and Iran, which had been previously eyed by traders. The renewed accessibility of the Strait is expected to alleviate concerns regarding oil supply disruptions. This development has a direct impact on global energy markets, contributing to lower oil prices.