Crude oil prices fall over 1% on US-Iran peace deal; Brent hovers around $78 per barrel

Crude oil prices fell over 1% after the US and Iran reached an interim peace deal to end conflict, reopen the Strait of Hormuz, and ease sanctions on Iranian oil exports. Brent crude dropped 1.12 percent to $78.66 per barrel, while WTI slipped 1.28 percent to $75.81 per barrel. The IEA warned that full implementation could create a supply surplus of 5.05 million barrels per day by 2027, while the US Fed is increasingly debating potential rate hikes to contain inflation.