Oil prices extend declines on possible U.S.-Iran peace deal to reopen Strait of Hormuz

West Texas Intermediate and Brent crude prices continued to decline on Friday following reports of a potential US-Iran peace deal. This agreement could lift oil sanctions on Iran and stabilize global oil logistics, which may further reduce prices. Such a development is expected to significantly impact energy market dynamics as the potential deal aims to reopen the Strait of Hormuz, leading to a shift in the global supply and distribution of oil resources.