US-Iran ceasefire maintained, relief... International oil prices plunge 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 ceasefire with Iran remained valid despite ongoing clashes.

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

On the New York Mercantile Exchange, the closing price of West Texas Intermediate (WTI) crude futures for June delivery was $102.27 per barrel, down 3.90% from the previous session.

Although tensions continue over control of the Strait of Hormuz, the market appears relieved by the US government's announcement that the ceasefire regime remains in effect.

US Secretary of Defense Pete Hegseth confirmed today that the ceasefire with Iran is still valid.

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 US-flagged vessel 'Alliance Fairfax' exited the Strait of Hormuz yesterday under US military escort.

Energy consulting firm 'Ritterbusch and Associates' stated in a report that while some selling pressure appeared in the market due to the US government's optimistic remarks regarding the ceasefire, today's weakness was largely technical correction following last week's sharp rise.