Washington (Commerce Desk) Global crude oil prices have recorded a significant decline following the peace agreement between the United States and Iran and the announcement of reopening the Strait of Hormuz.
US crude oil prices fell by 5 percent, bringing the price down to $80 per barrel.
Brent crude also declined by 4 percent, reaching $83 per barrel.
Similarly, Murban crude from the United Arab Emirates dropped by 5 percent to $83 per barrel.
According to experts, the reduction in regional tensions and easing concerns over supply chains have led to a decline in global oil prices in the international market.