Oil Falls to 3-Month Low as Markets Await Details of US–Iran Peace Deal
Analysts say that Middle Eastern oil production may recover slowly even if the Iran peace agreement endures.
TL;DR
- Oil prices reached their lowest levels in over three months on June 16.
- Brent crude futures fell to $79.97 a barrel, dipping below $80 for the first time since March 3.
- U.S. West Texas Intermediate futures dropped to $77.23 a barrel, their lowest point since March 10.
- Market activity was influenced by expectations of potential energy flow increases through the Strait of Hormuz and diplomatic negotiations.
- Prior to the war's start on February 28, both Brent and WTI futures traded between approximately $65 and $70 per barrel.