Crude oil prices crash 5% on US-Iran peace deal. What's near-term outlook?

Crude oil prices crashed around 5% after the US and Iran announced a preliminary peace deal to end conflict and reopen the Strait of Hormuz. Brent fell 4.1% to $83.75/barrel and WTI dropped 4.72% to $80.87/barrel, with MCX crude oil declining 5.32% to ₹7,544/barrel. Analysts at Kotak Securities expect Brent to head toward $70–73 in the near term once the deal is signed, though a residual risk premium may persist until the agreement is formally executed.