Oil prices fell sharply amid an easing of the threat of supply disruptions from the Middle East. After reaching five-month highs, quotations fell by more than 9% in two days. The statement on de-escalation of the conflict reduced the risk associated with the closure of the Strait of Hormuz - a key oil transportation route. Further price movement will depend on the actual compliance with the terms of the truce by both sides. At the same time, it is obvious that the range of $78-80 per barrel represents a serious resistance, which will remain in force unless there is a new significant catalyst for price growth.