ISLAMABAD: After the agreement between the US and Iran, crude oil prices have fallen further in the global market.
According to international media reports, Brent crude oil and West Texas Intermediate prices fell due to investor concerns and expectations of normalization of oil supply.
Brent crude oil fell to $78.80 per barrel, while WTI fell to $74.30 per barrel.
Experts say that progress in negotiations between the US and Iran has reduced concerns about possible obstacles in the Strait of Hormuz, which has led to signs of stability in the global energy market.
Iran allowed to sell oil and petroleum products until August 21
According to analysts, if the implementation of the agreement between the two countries continues, oil supply may improve and prices may fall further, however, in the event of renewed tension in the region, it will affect oil prices in the global market.
Economists say that the decline in global oil prices could have a positive impact on oil-importing countries, including Pakistan.
