WTI crude deepens loss, falls over 3%

Oil tanks

Oil prices deepened their losses during trading today, June 18, after the United States and Iran signed an interim agreement that will help reopen the Strait of Hormuz and lift US sanctions on Iranian oil exports.

 

According to the 14-point memorandum , a 60-day negotiation period will begin, during which Tehran will commit to allowing ships to pass through the Strait of Hormuz without fees, with full navigation to be restored within 30 days, Reuters reported.

 

Brent, WTI Futures Prices

Crude

Price ($/bbl)

Change ($)

Change

Brent (August delivery)

77.32

(2.23)

(2.80%)

US WTI (July delivery)

74.30

(2.49)

(3.25%)
*At 9:21 am Makkah time
 

Separately, the International Energy Agency warned in its monthly report that the successful implementation of the agreement could turn the current supply shortage crisis into a huge surplus by 2027, predicting that global supply will exceed demand by 5.05 million barrels per day next year.

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Commodity Price

 
Brent Crude Oil
77.89
(1.75) (2.22%)
Nymex
74.88
(1.91) (2.53%)

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