Global oil markets experienced a significant downturn this week, with prices plummeting by nearly 10% to their lowest levels since the Iran-Iraq War. The dramatic shift comes after US President Donald Trump signed a deal to reopen the Strait of Hormuz, a critical waterway that has been a focal point in the escalating tensions between Iran and the international community. The Strait, which connects the Persian Gulf to the Gulf of Oman, is a vital shipping route through which a significant portion of the world's oil supply passes. With the deal in place, oil prices are expected to stabilize, but the move has also raised concerns about the long-term implications of US involvement in the region and the potential for future conflicts.
Oil prices fell about 10% this week to their lowest levels since the war in Iran started after President Trump signed a deal to reopen the Strait of Hormuz.
