Oil falls as supply flows through Strait of Hormuz after US-Iran peace deal

Oil prices have declined as supply continues to flow through the Strait of Hormuz following a US-Iran peace deal. While this agreement may provide temporary stability to oil markets, future negotiations and economic dynamics remain uncertain. Simultaneously, an Iranian government agency has announced that vessels must hold a Tehran-approved insurance policy to utilize the vital waterway, as Iran intends to seek insurance fees for passage through the Strait of Hormuz to regulate maritime traffic.