Oil prices continue to fall for the longest streak this year, reshaping market expectations with the agreement on the Strait of Hormuz.

With the agreement reached between the United States and Iran to reopen the Strait of Hormuz, boosting supply recovery expectations, oil prices are set to enter the longest consecutive decline period of the year. Wall Street's major banks have also begun to lower their price forecasts. Brent crude, the global benchmark, fell below $83 per barrel for the fourth consecutive day, while WTI is approaching $80. The US and Iran plan to sign a temporary agreement in Switzerland on Friday, but Washington and Tehran have not yet disclosed the text of this memorandum. Both Morgan Stanley and Goldman Sachs have lowered their oil price forecasts for the upcoming quarters. Goldman Sachs currently predicts that exports from the Persian Gulf will return to pre-war levels by the end of July, one month earlier than previously forecasted.