(US, 15th) The United States and Iran have confirmed an agreement and the Strait of Hormuz is expected to reopen soon, prompting a significant drop in international crude oil futures prices as trading for the new week began.
According to Xinhua News Agency, as of 6:15 p.m. US Eastern Time on Sunday (6:15 a.m. Singapore time, June 15), the price of July delivery light crude oil futures on the New York Mercantile Exchange had dropped to as low as $80.25 per barrel, down 5.45%; August delivery Brent crude oil futures in London at one point fell to $83.51 per barrel, a decline of 4.37%.
US President Trump posted on social media on Sunday, stating that the US-Iran agreement is "now complete" and will be signed on Friday (19th), with the Strait of Hormuz to reopen.
Since the US and Israel launched military strikes against Iran at the end of February, shipping through the Strait of Hormuz has been disrupted, leading to a substantial reduction in oil market supply and pushing international oil prices sharply higher.
Since the US and Israel launched military strikes against Iran at the end of February, shipping through the Strait of Hormuz has been disrupted, leading to a substantial reduction in oil market supply and pushing international oil prices sharply higher.