U.S. Crude oil futures dropped below $80 per barrel for the first time since March following an announcement that the U.S. And Iran have reached a deal to end their conflict. President Donald Trump stated in a Truth Social post that the deal is complete, which includes the immediate and permanent termination of military operations on all fronts and the removal of the U.S. Naval blockade of Iran. According to Trump, the Strait of Hormuz will reopen without a toll system, and the official signing ceremony is scheduled for Friday, June 19, in Switzerland. The agreement follows a period of conflict that began in late February, during which the Strait of Hormuz, which carries roughly one-fifth of the world’s oil supply, was effectively closed. Pakistan Prime Minister Shehbaz Sharif, who served as a mediator, confirmed the deal on Sunday. Various world leaders have welcomed the agreement, with the E4 group (U.K., France, Germany, and Italy) calling for the rapid reopening of the strait to restore regional stability. Also, Japan’s Prime Minister Sanae Takaichi and Australia’s Prime Minister Anthony Albanese expressed support for the resolution. Market reactions were mixed. While oil prices fell, energy stocks in Europe came under pressure, with the Stoxx 600 Energy Sector falling 2.3% and the FTSE 100 Energy Sector dropping 4%. Conversely, Asian tech stocks surged on Monday. SoftBank ended the session 10% higher, while South Korean memory chip companies Samsung Electronics and SK Hynix gained 4.5% and 6.42% respectively. Despite the deal, some industry executives have warned of a looming supply crisis. Reports cited by E&E News indicate that some oil executives told Politico that global petroleum inventories are hitting “tank bottoms” as the inventory cushion from the conflict’s start is exhausted. While the White House and Energy Department officials denied these specific discussions regarding inventory levels, some executives have publicly stated that prices could reach $150 to $160 per barrel if inventory declines continue.