Crude oil prices decline as US-Iran agreement boosts supply prospects.

With the temporary peace agreement between the US and Iran coming into effect, the price of crude oil fell and people's attention shifted to whether oil transportation through the Strait of Hormuz would increase after production restarted in oil fields that had been closed. WTI crude oil prices fell below $76 per barrel; earlier in the week, prices experienced dramatic fluctuations but ultimately closed slightly higher. Brent crude closed below $80. US President Donald Trump, while in France, stated that he had signed an agreement with Iran. According to Iranian Foreign Ministry spokesperson Esmail Baghaei, US oil sanctions must be lifted immediately. "Iran must be able to sell oil, and shipping and insurance should not be affected, and oil sales revenue must be able to be received," he said on national television. "Sanctions must be lifted." WTI crude oil prices for July delivery fell 1.1% to $75.96 per barrel. Brent crude prices for August settlement rose 0.8% on Wednesday, closing at $79.55 per barrel.