The price of global oil has seen significant drops by 5% with respect to Brent oil amid news that a peace treaty between the US, Israel, and Iran is close to coming into effect. The US Secretary of State Marco Rubio and the President Donald Trump are quoted saying that a “decent” deal is at hand, and will be achieved through opening up the Strait of Hormuz, through which about 20 percent of the energy of the entire globe moves and which has been closed since late February. Yet Iran is being cautious and stating that although there has been much negotiation, signing of the agreement is still distant. Even if there is a signed agreement, clearing sea mines could still take months before everything returns back to normalcy in the coming years of 2027.