U.S. Oil Prices Drop 15% Amid Iran Ceasefire Violations

Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, accused the U.S. of violating a ceasefire agreement, claiming three parts of Iran's 10-point proposal were breached. As a result, U.S. oil prices decreased by over 15%, nearing $95 per barrel. The disagreement over the terms of the ceasefire, particularly regarding traffic through the Strait of Hormuz, has led to disruptions in oil tanker traffic. Prior to the conflict, about 20% of global oil supplies passed through this strait, highlighting potential market impacts on crude oil supply.