OIL PRICES FALL AFTER US-IRAN AGREEMENT

NEW YORK, JUNE 15 /SRNA/ - Stock markets around the world rose, while oil prices fell after the United States and Iran reached an agreement to extend the ceasefire and reopen the Strait of Hormuz.

The US stock index S&P 500 rose by 1.7 percent, while the Dow Jones Industrial Average gained 1.2 percent. The Nasdaq was also up 1.2 percent.

The price of Brent crude oil fell by 4.7 percent, to $83.25 per barrel, the level it stood at in early March.

There is hope worldwide that lower oil prices will ease pressure on households and businesses, which have been forced to pay higher prices for everything from food to fuel and fertilizers due to the war with Iran, AP reports.

Iran has confirmed the agreement but indicated that its implementation will not begin until it is formally signed, which Pakistan said will take place on Friday in Switzerland.

Broader negotiations on issues such as Iran’s nuclear program are expected to continue over the next 60 days.