Crude oil prices experienced a significant decline of about $5 per barrel, settling at $98.76, following reports of a potential agreement between the United States and Iran aimed at ending the ongoing conflict. The deal, which is reportedly close to finalization, includes a 60-day ceasefire and the reopening of the Strait of Hormuz, a vital waterway for global oil transport. The blockade of this strait had previously resulted in the loss of up to 14 million barrels of oil per day, contributing to a substantial fuel crisis in the US, where gas prices have surged to approximately $1.50 more per gallon than before the war. Experts warn that even if an agreement is signed, the energy markets may continue to face challenges for months, with gas prices likely remaining above $4 per gallon until the situation stabilizes. Analysts from ClearView Energy Partners emphasize that the process of clearing the strait and restoring oil production levels could take considerable time, potentially extending into years.