The first order effect of The US-Iran peace agreement.

[CTO114]

The first order effect of the US-Iran agreement has to be cheaper oil. Obviously, the markets reacted positively as part of the agreement includes reopening the Strait of Hormuz, an important trade checkpoint.

As expected oil price dropped, with traders sharply removing the so called "war premium".

What happens when there's a global realization that energy scarcity was political rather than physical?

For months oil prices reflected fear. The peace agreement reduces uncertainty allowing; more oil exports, lower shipping costs and reduced energy inflation.
 
The bigger story is that the world economy runs on predictability. A stable oil route may be worth more than millons of additional barrels because businesses can invest confidently again!

[Fortify]

Everyone except Donald Trump knew the consequences of invading Iran - higher oil prices - but the jackass still did it. I guess that's what happens when you're so dumb that Israel tricks you into being their bodyguard in the region, except Iran was able to fight back in comparison to some of the smaller countries that they've bullied in the past. There is still going to be some turbulence and high prices for oil compared to a year ago, because that network of ships takes a while to reach the destinations and some oil wells were capped due to inability to get it out of the region. Iran also hit some refining infrastructure which can take months, if not years to fix back up. It was all a gigantic mess that every previous president has rightly avoided. Nothing was gained from this, but much was spent and lost.