GEOPOLITICAL CEASEFIRE DROPS GLOBAL CRUDE PRICES BY 30%

Energy markets are seeing massive relief following a fragile 60-day de-escalation between Washington and Tehran. With commercial shipping traffic picking up significantly through the vital Strait of Hormuz, West Texas Intermediate (WTI) crude has plummeted more than 30% from its mid-May peak of over $100, landing near $69 a barrel. While consumer gasoline prices at the pump are dropping at a slower pace, the downward trend is providing a welcome cushion against global inflation.