US-Iran Agreement to Gradually Reopen Strait of Hormuz Leading to Oil Price Drop
Sources from Al Hadath and Arab media report that the US and Iran have reached a consensus to gradually reopen the Strait of Hormuz in exchange for easing the blockade. This development is expected to break the deadlock of trapped ships in the strait within hours. Following the news, international oil prices, including WTI and Brent crude, fell sharply by around 3%. The crisis has also caused a rise in raw material prices since March, impacting companies like Orthex, though profitability remains unaffected so far.