Amid the understandings to end the war between the US and Iran and the expected opening of the Strait of Hormuz, a barrel of Brent crude is trading at $83, US crude (WTI) at $80; Trump: 'Ships of the World, start your engines. Let the oil flow!'Oil prices plunged about 5% following the announcement of an agreement between the United States and Iran to end the war and reopen the Strait of Hormuz, trading at their lowest level since the start of the military confrontation in late February and early March.Brent crude was trading at $83 a barrel, while U.S. crude, WTI, fell even more sharply to $80 a barrel.“The Deal with the Islamic Republic of Iran is now complete,” U.S. President Donald Trump declared on his social media platform, Truth Social. According to him, the Strait of Hormuz will reopen without a tariff collection mechanism, and the United States will end the naval blockade it imposed on Iran. “Ships of the World, start your engines. Let the oil flow!” the president wrote.1 View gallery (Photos: Shutterstock, PNGTree)The agreement ends a prolonged period of failed ceasefire attempts. As early as April 18, Iran agreed to reopen the strait, but canceled the agreement within hours, claiming that the United States and Israel had violated the terms of the arrangement, and resumed firing on ships attempting to pass through. On June 11, Trump called off a planned airstrike on Iran and said the sides were close to reaching an agreement.However, experts warned that the signing of the agreement itself would not lead to an immediate drop in oil prices to prewar levels, around $60 a barrel. John Goh, a senior oil market analyst at Sparta in Singapore, said the market expects that once the agreement is approved and implemented, markets will be flooded with about 100 million barrels of crude oil that had been stranded on ships along the strait. But he added that there has been no substantive change in the broader picture as long as Hormuz remains effectively closed. According to him, it will take months for oil supply to return to its normal levels.