Brent fell toward $78 per barrel on Wednesday, sliding for the fifth straight session and reaching its lowest level since early March, as expectations of increased supply continued to weigh on prices ahead of the signing of a peace agreement between the US and Iran. The two countries are scheduled to sign an interim deal in Switzerland on Friday, offering Tehran broad economic incentives, including the immediate resumption of its oil exports. Tankers from other nations are also expected to resume passage through the Strait of Hormuz once the agreement takes effect, although shipping companies remain cautious about its long-term durability. Additional supplies from the region are expected to replenish refinery inventories globally, alongside higher OPEC+ export quotas and increased output from the UAE, which left the cartel during the conflict. Meanwhile, industry data showed that US crude inventories declined by 8.3 million barrels last week.

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