Oil prices plunged immediately after it was announced that the United States and Iran had reached the highly anticipated deal to end hostilities, reducing tensions in the Middle East. After a drawn-out diplomatic process, the two sides appeared to agree on a compromise, and US President Donald Trump lifted the naval blockade of Iran, with the Strait of Hormuz also expected to reopen gradually. At 6:14 pm ET, WTI for July deliveries was down 4.54% to sell for $81.02 per barrel, while Brent for August’s contracts fell 3.82% a minute later and sold for $83.9 per barrel.
NN: Trump caved in because he does not want to get impeached if he loses big in the midterm elections