Oil prices fall to lowest level since March after US-Iran deal signed

After the presidents of the United States and Iran signed a final memorandum of understanding on June 18, global oil prices fell 2% — to their lowest level since the start of the Middle East war.

This is reported by Reuters.

Thus, as of 08:11, Brent oil futures fell to $77.96 per barrel, and American WTI fell to $74.96.

The price of Brent crude is now at its lowest level since March 2, the first trading day after the start of the US-Israeli military operation against Iran. While the price of WTI has fallen to its lowest level since March 4.

Experts believe that crude prices will continue to fall, but not sharply. Some Iranian oil has already entered the market through alternative routes, and shipping companies may be reluctant to return tankers to the Strait of Hormuz due to the risk of the deal collapsing.

Investment bank Goldman Sachs expects Gulf exports to return to pre-war levels by the end of July, and crude oil production to resume by October.

The International Energy Agency has warned that if the agreements between the US and Iran are successfully implemented, the current supply crisis could be replaced by a significant oil surplus as early as 2027.

• The memorandum between the United States and Iran, which is supposed to be the first step towards a final peace agreement, opens the Strait of Hormuz, a narrow sea corridor between Iran and Oman that connects the Persian Gulf to the Indian Ocean. It was through it that almost a fifth of the worldʼs oil exports passed — tens of millions of barrels a day.

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