U.S. and Iran maintain truce, bringing relief... International oil prices plummet 4%

Ships in the Strait of Hormuz near Bandar Abbas, Iran

International oil prices fell by nearly 4% in a volatile market on the 5th (local time) as the United States confirmed that the truce with Iran remains valid despite ongoing hostilities.

On this day, the closing price of July Brent crude futures on the ICE Futures Exchange was $109.87 per barrel, a 3.99% decrease from the previous session.

At the New York Mercantile Exchange, the closing price of June WTI crude futures was $102.27 per barrel, down 3.90% from the previous session.

Although tensions persist over control of the Strait of Hormuz, the market appears relieved by the U.S. government's announcement that the truce is holding.

U.S. Secretary of Defense Pete Hegseth confirmed today that the truce with Iran remains effective.

The fact that some ships are still passing through the Strait of Hormuz, albeit in a limited capacity, also eased concerns about supply disruptions.

Danish shipping company Maersk announced that the U.S.-flagged vessel 'Alliance Fairfax' passed through the Strait of Hormuz yesterday under U.S. military escort.

Energy consultancy 'Ritterbusch and Associates' stated in a report that while some selling occurred in the market due to the U.S. government's optimistic remarks regarding the truce, the weakness today was largely a technical correction following last week's surge.