Oil prices tumble as Strait of Hormuz reopens following ceasefire agreement.

Oil prices tumble as Strait of Hormuz reopens following ceasefire agreement. Brent crude fell 9.07% to $90.38 per barrel while U.S. crude dropped 11.45% to $83.85, driven by easing Middle East tensions and progress in U.S.-Iran nuclear negotiations. President Trump indicated a deal is very close. However, analysts remain cautious about sustained relief. Experts warn that disagreements over Iran's nuclear program and sanctions could reignite disruptions. Macquarie projects prices stabilizing in the $85 to $90 range initially, with potential moves toward $110 as normalcy returns. If closure extends through April, Brent could spike to $150. Most analysts expect crude to trade between $80 and $100 in the near term, though one domestic brokerage sees potential for prices to settle at $75 to $80 as infrastructure recovers over coming quarters.