Oil prices plummet and European energy stocks fall after Trump signs Iran war agreement

The Strait of Hormuz is a key waterway through which one fifth of the world’s oil transport passes. London-based Shell and BP both fell by about 1.1%, France’s TotalEnergies dropped 0.7%, and Italy’s Eni fell about 0.6%. In early European trading, Brent crude dropped 2.3% to $77.71 per barrel, while West Texas Intermediate dropped 2.5% to $74.08 per barrel. So far this week, both major crude benchmarks have fallen by around 15%. Patrick Munnelly of Tickmill Group wrote: “Trump said the memorandum has already taken effect, but there is still uncertainty regarding how quickly Iran can fully resume shipping.”