Global oil prices break below $80 for the first time since the Iran war began. Ships still aren’t passing through Hormuz.

AI Summary

Following negotiations, the U.S. and Iran reached a limited ceasefire accord reopening the key Hormuz shipping strait and extending their existing truce for 60 days. Trump, celebrating his 80th birthday, announced the pact and scheduled a signing ceremony for next Friday in Switzerland. Markets initially surged but quickly moderated; while oil prices have begun declining, complete recovery to pre-war pricing is expected to take months or years given ongoing supply disruptions and the unresolved nuclear question.