Brent Crude Falls to 3-Month Low

2026-06-16 16:59 By Andre Joaquim 1 min. read

Brent crude prices fell over 5% to below $80 per barrel on Tuesday, the lowest since the first week of March, erasing the bulk of the surge from the conflict in the Middle East amid expectations that exports from GCC countries will be restored imminently.

The US and Iran continued to signal they will sign a memorandum of understanding this Friday.

The deal reportedly has both countries allowing tankers to cross the Strait of Hormuz upon the agreement, with the US unopposed of Tehran deploying tankers immediately.

The fresh supply from the region is due to replenish refineries across the globe with the higher export quotas from OPEC+ and higher output from the UAE, which left the cartel during the conflict.

The US Strategic Petroleum Reserves had fallen to a 43-year low.

In turn, Iranian output will likely refill Chinese oil stockpiles, which were depleted in the last months as the world's largest importer refrained from purchasing oil to prop up prices further.



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Brent Crude Falls to 3-Month Low
Brent crude prices fell over 5% to below $80 per barrel on Tuesday, the lowest since the first week of March, erasing the bulk of the surge from the conflict in the Middle East amid expectations that exports from GCC countries will be restored imminently. The US and Iran continued to signal they will sign a memorandum of understanding this Friday. The deal reportedly has both countries allowing tankers to cross the Strait of Hormuz upon the agreement, with the US unopposed of Tehran deploying tankers immediately. The fresh supply from the region is due to replenish refineries across the globe with the higher export quotas from OPEC+ and higher output from the UAE, which left the cartel during the conflict. The US Strategic Petroleum Reserves had fallen to a 43-year low. In turn, Iranian output will likely refill Chinese oil stockpiles, which were depleted in the last months as the world's largest importer refrained from purchasing oil to prop up prices further.
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Brent Falls for 4th Session
Brent crude oil fell more than 3% to near $80 per barrel on Tuesday, following a 4.8% decline on Monday, extending losses for a fourth consecutive session and reaching the lowest level since early March. Prices are heading toward their longest losing streak of the year as the expected US-Iran agreement to reopen the Strait of Hormuz raised expectations of recovering supply flows. An interim deal is expected to be signed in Switzerland on Friday, although both sides have yet to publish the details of the agreement. Despite optimism, uncertainty remains over how the deal will be implemented, including shipping security, operating conditions and whether Hormuz will reopen fully. The effective closure of the strait has reduced regional exports and contributed to falling global inventories. US emergency crude reserves have dropped to their lowest level since 1983.
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