The recent agreement between the U.S. and Iran to reopen the Strait of Hormuz has led to a significant drop in oil prices. Oil prices have plummeted in early Monday trading in Asia, with Brent crude falling 3.95% to $83.88 per barrel and WTI dropping 4.62% to $80.96 per barrel. This decline follows a period of downward trending prices in recent weeks, despite previous escalations and rumors of a deal. The reopening of the Strait of Hormuz, which was closed for over 100 days, is likely a contributing factor to the decrease in oil prices.

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