Oil prices fell and European energy stocks declined after U.S. President Trump signed a temporary agreement to end the Iran war and reopen the Strait of Hormuz. The Strait of Hormuz is a critical waterway through which one-fifth of the world's oil transportation passes. Shell in London and BP p.l.c. both fell about 1.1%, TotalEnergies SE in France dropped 0.7%, and Eni Spa-Sponsored in Italy declined about 0.6%. In early European trading, Brent crude fell 2.3% to $77.71 per barrel, while West Texas Intermediate dropped 2.5% to $74.08 per barrel. So far this week, both benchmark crude oils have fallen about 15%. Patrick Munnelly of Tickmill Group wrote, "Trump has stated that the memorandum is in effect, but there is uncertainty about how quickly Iran can fully restore shipping."