Tweet
Oil Prices and News Brent oil dips below $80 per barrel for first time since March
Published Tue, Jun 16 20262:39 AM EDTUpdated 56 Min Ago
Spencer Kimball@spencekimball
Hugh Leask
ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email
Key Points
In this article
Follow your favorite stocksCREATE FREE ACCOUNT
watch now
VIDEO04:22
Former White House Senior Advisor Amos Hochstein on the U.S.-Iran deal
Oil prices fell to their lowest level in three months on Tuesday, as investors continue to await details on the U.S.-Iran agreement to bring the Middle East conflict to an end.
Brent crude futures briefly fell to $79.96 per barrel, the first time the international benchmark has traded below $80 since March. It was last trading about 3.6% lower at $80.19 as of 8:28 a.m. ET.
U.S. West Texas Intermediate futures were down about 3.8% to $77.71.
The push to resolve the war will dominate discussions at the G7 leaders summit in Évian-les-Bains, France, starting Tuesday, with further details of the memorandum of understanding expected to be released later this week. The U.S. and Iran have given conflicting accounts of what is actually in the deal.
“Nobody has seen any text, so if there’s an agreement that was reached three days ago, it is a bit odd that we haven’t seen it,” Amos Hochstein, who advised former President Joe Biden on energy, told CNBC’s “Squawk Box” on Tuesday. Tanker bosses cautious
Washington and Tehran had earlier reached a provisional agreement on Sunday, which would extend the U.S.-Iran ceasefire for 60 days and reopen the Strait of Hormuz to all shipping.
Arriving at the G7 meeting, President Donald Trump said the peace framework with Iran has been signed, adding that the Strait of Hormuz will “completely reopen” on Friday, free of Iranian tolls. Trump said a formal signing ceremony would take place on Friday in Geneva.
Hapag-Lloyd, the German global container shipping giant, welcomed the prospect of a peace agreement and an end to all military action in the region as “good news for us, for our crews, and for our customers.”
“We hope that our four remaining ships will be able to pass through the Strait of Hormuz this weekend,” Hapag-Lloyd said in a statement.
WTI Crude (Jul′26)
*Data is delayed | Exchange | USD
76.75
-4.00 (-4.95%)
Last | 11:35 AM EDT
WATCHLIST+
Quote Details
West Texas Intermediate.
However, the head of the world’s largest tanker operator has suggested a more complicated path to normalizing traffic through the strait, which accounted for around 20% of the world’s oil supply before the outbreak of the war at the end of February.
Jotaro Tamura, chief executive of Mitsui OSK Lines, told the Financial Times on Tuesday that many operators could wait weeks until they allow their tankers to resume transit through the strait.
“What will have to come in place is not just a simple agreement between the relevant countries, but it has to be material and translated into the real situations in the Strait of Hormuz, so that shipping lines can make themselves comfortable to go through,” Tamura said.
Published Tue, Jun 16 20262:39 AM EDTUpdated 56 Min Ago
Spencer Kimball@spencekimball
Hugh Leask
ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email
Key Points
- Oil traded lower on Tuesday as hopes of a lasting peace agreement in the Middle East continued to strengthen.
- Tanker bosses welcomed the prospect of an agreement between the U.S. and Iran, but remain cautious on the reopening of the Strait of Hormuz.
In this article
Follow your favorite stocksCREATE FREE ACCOUNT
watch now
VIDEO04:22
Former White House Senior Advisor Amos Hochstein on the U.S.-Iran deal
Oil prices fell to their lowest level in three months on Tuesday, as investors continue to await details on the U.S.-Iran agreement to bring the Middle East conflict to an end.
Brent crude futures briefly fell to $79.96 per barrel, the first time the international benchmark has traded below $80 since March. It was last trading about 3.6% lower at $80.19 as of 8:28 a.m. ET.
U.S. West Texas Intermediate futures were down about 3.8% to $77.71.
The push to resolve the war will dominate discussions at the G7 leaders summit in Évian-les-Bains, France, starting Tuesday, with further details of the memorandum of understanding expected to be released later this week. The U.S. and Iran have given conflicting accounts of what is actually in the deal.
“Nobody has seen any text, so if there’s an agreement that was reached three days ago, it is a bit odd that we haven’t seen it,” Amos Hochstein, who advised former President Joe Biden on energy, told CNBC’s “Squawk Box” on Tuesday. Tanker bosses cautious
Washington and Tehran had earlier reached a provisional agreement on Sunday, which would extend the U.S.-Iran ceasefire for 60 days and reopen the Strait of Hormuz to all shipping.
Arriving at the G7 meeting, President Donald Trump said the peace framework with Iran has been signed, adding that the Strait of Hormuz will “completely reopen” on Friday, free of Iranian tolls. Trump said a formal signing ceremony would take place on Friday in Geneva.
Hapag-Lloyd, the German global container shipping giant, welcomed the prospect of a peace agreement and an end to all military action in the region as “good news for us, for our crews, and for our customers.”
“We hope that our four remaining ships will be able to pass through the Strait of Hormuz this weekend,” Hapag-Lloyd said in a statement.
WTI Crude (Jul′26)
*Data is delayed | Exchange | USD
76.75
-4.00 (-4.95%)Last | 11:35 AM EDT
WATCHLIST+
Quote Details
West Texas Intermediate.
However, the head of the world’s largest tanker operator has suggested a more complicated path to normalizing traffic through the strait, which accounted for around 20% of the world’s oil supply before the outbreak of the war at the end of February.
Jotaro Tamura, chief executive of Mitsui OSK Lines, told the Financial Times on Tuesday that many operators could wait weeks until they allow their tankers to resume transit through the strait.
“What will have to come in place is not just a simple agreement between the relevant countries, but it has to be material and translated into the real situations in the Strait of Hormuz, so that shipping lines can make themselves comfortable to go through,” Tamura said.