Oil prices fall sharply after US–Iran agreement reports

Global oil prices declined significantly on Monday, June 15, after reports of agreements between U.S. and Iranian authorities, raising expectations of an end to hostilities in the Middle East and the possible reopening of maritime traffic through the Strait of Hormuz.

August Brent crude futures traded on the ICE Futures were priced at $83.24 per barrel, down $4.09 or 4.68% from the previous close. On Friday, the same contracts had already fallen by $3.05 (3.37%) to $87.33 per barrel.

WTI crude futures for July delivery on the electronic trading platform of the New York Mercantile Exchange (NYMEX) dropped to $80.61 per barrel, a decline of $4.27 or 5.03%. In the previous trading session, WTI also fell by $2.83 (3.23%) to $84.88 per barrel.

Both benchmark crude grades reached their lowest levels since March 10 during Monday’s trading session.

By Tamilla Hasanova