Oil prices slide after Pakistan announces deal between US and Iran

Oil prices have declined following Pakistan's announcement of a deal between the US and Iran. The agreement reportedly includes the reopening of the strategic Strait of Hormuz waterway, as stated by US President Donald Trump. The reopening of this key waterway is expected to increase oil supplies and alleviate concerns over global energy security. The development has led to a decrease in oil prices, reflecting the potential for improved stability in the region.

✦ AI-generated summary