On Tuesday, at 07:56 ET (11:56 GMT), Brent crude futures slipped 2.9% to $80.75 a barrel while U.S. West Texas Intermediate (WTI) futures fell 3.0% to $78.32 a barrel. The decline extended the sell‑off that had already pushed both benchmarks down nearly 5% on Monday after the United States and Iran announced a preliminary cease‑fire extension of 60 days and the expected reopening of the Strait of Hormuz. The preliminary agreement, which aims to unblock the strategic waterway, prompted market optimism but left investors waiting for details on the timing of implementation and the speed at which oil exports can resume. Former President Donald Trump indicated that the Strait could be fully reopened by Friday, when delegations from Washington and Tehran are scheduled to meet in Switzerland for a formal signing of the framework deal. Analysts at BCA Research noted that while reopening would increase flows and help rebuild depleted inventories, they do not anticipate a further meaningful price drop because geopolitical risk persists, inventories remain low, and countries may build larger strategic stockpiles. Several institutions cautioned that restoring normal shipping routes and inventory levels could take weeks or months. In a separate development, OPEC lowered its forecast for global oil demand growth in 2026 for the second month in a row, now expecting an increase of about 970,000 barrels per day, down from the earlier estimate of 1.17 million barrels per day.