G7 summit centers on Iran peace deal as Strait of Hormuz prepares for full reopening

The G7 summit is focusing on an Iran peace deal as the Strait of Hormuz prepares for a full reopening. This development could stabilize global oil markets and revolutionize international trade via digital asset transactions. Following a U.S.-Iran MoU, Brent crude briefly dropped below $80 a barrel and WTI crude fell 4% to $77.43 on June 16. Despite this enthusiasm, severe infrastructure damage continues to hinder the overall recovery of oil price declines.