Oil Prices Dropping Fast after U.S.-Iran Agreement Signed

You can see on my chart below that flows of oil through the Strait of Hormuz are nowhere near back to normal levels, but in anticipation of normalization after the memorandum of understanding was signed by the United States and Iran, prices have begun falling rapidly.

Prices for WTI crude oil fell to $70.70/barrel at the close yesterday.

Rapidly falling oil prices and subsequent reductions in transportation fuel prices will be a welcome relief to the global economy.

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