The official announcement of the Iran-US war's conclusion has led to a significant drop in international crude oil prices. This development follows Iran's decision to unblock the vital Strait of Hormuz, a key passage for oil exports from Gulf nations. During the conflict, which began in February, Iran's military had restricted access to the Strait of Hormuz. This blockade severely impacted global oil supply, causing prices to surge. On March 9, crude oil reached an unprecedented high of $119 per barrel, later stabilizing above $90. Following the peace announcement, crude oil prices plummeted. A barrel, which was $87.33 yesterday, fell by 4.70% to $83.59 today, marking its lowest point in three months. The reopening of the Strait of Hormuz is expected to alleviate global shortages of gas and crude oil. The Strait handles approximately 20% of the world's oil exports, primarily from Saudi Arabia, Oman, the UAE, Qatar, Bahrain, and Kuwait.
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