Oil Prices Plunge to Lowest Since US-Iran Crisis as Supply Deal Eases Tension

According to a Reuters report, oil prices fell sharply on June 18 to their lowest levels since the US-Iran conflict began. Brent futures dropped by $1.53 (1.9%) to $78.02 a barrel, while WTI slid $2.22 (2.9%) to $74.57. The decline followed a 14-point interim agreement between Washington and Tehran. Markets now expect a faster return of Iranian barrels after Iran agreed to toll-free passage through the Strait of Hormuz within 60 days and full capacity restoration in 30 days. Analysts foresee a gradual recovery in Hormuz flows. Goldman Sachs projects Gulf exports back to pre-conflict levels by July and full production by October. BNP Paribas, however, sees a durable $75-per-barrel floor, citing resilient demand and ongoing supply constraints.

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