Oil Prices Slide 3% as Fragile US-Iran Ceasefire Holds, Ship Passes Through Strait of Hormuz

Oil prices fell by over 3% due to the possibility of a U.S.-Iran ceasefire and the passage of ships through the Strait of Hormuz. However, the situation remains unstable amid ongoing Iranian attacks and disruptions in energy supplies from Russia and Kazakhstan. These factors contribute to the overall market volatility.