European gas prices plunged sharply by around 20%, and Brent crude oil dropped significantly after the announcement of a two-week ceasefire between the United States, Israel, and Iran, raising hopes of lower energy bills for consumers.
The US‑Iran deal included Tehran’s agreement to temporarily reopen the Strait of Hormuz — a critical energy corridor that handles roughly 20% of global oil and LNG — and with Iran’s commitment to do so, global markets are hopeful that trade flows will resume, easing pressure on prices.
