Brent Falls as US-Iran Deal Could Reopen Hormuz

2026-06-12 20:32 By Agna Gabriel 1 min. read

Brent oil fell 3.4% to $87.3 per barrel as expectations increased that the US and Iran could reach an agreement to reopen the Strait of Hormuz, although officials warned a deal was not guaranteed.

Prices declined about 6% this week but remain more than 20% higher since the US and Israel launched attacks on Iran on February 28.

A Trump administration official said there is an 80% chance of a deal being signed soon, with the agreement potentially involving the reopening of Hormuz, removal of the naval blockade, dismantling of Iran’s nuclear program and economic incentives if Tehran complies.

However, conflicting reports emerged after Iranian media published a draft proposal suggesting different terms, including US force withdrawals and reconstruction funding.

President Trump said it did not reflect the agreed terms.

Pakistan’s Prime Minister said a final text had been reached, while Iran’s foreign minister said an understanding was closer than ever but urged caution until finalized.



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