As traffic in the Hormuz Strait increases, oil prices see a greater decline.

With the signing of the US-Iran agreement, the market's focus will shift to the movement of ships through the Strait of Hormuz, causing oil futures to expand their decline. Ritterbusch & Associates stated in a report, "The sharp contrast between bearish sentiment surrounding the opening of the strait and bullish factors of extremely low supply may continue into next week." The company added that it will take time to restore supply levels, and it is unlikely to reach 50%-60% of pre-war capacity even by August or later, while depleted inventories will drive a significant increase in demand. West Texas Intermediate fell 3.6% to $74.02 per barrel, while Brent crude fell 3.2% to $77.01 per barrel.