2 days ago
2
Oil prices fell connected Friday (June 19, 2026) arsenic prospects brightened for much proviso aft lipid tankers began moving done the reopening Strait of Hormuz pursuing a bid deal betwixt the United States and Iran.
Sensex dives implicit 600 points aft five-day rally dragged by IT stocks
By 0328 GMT, Brent crude futures fell 43 cents, oregon 0.54%, to $79.42 a tube and U.S. West Texas Intermediate crude slipped 17 cents, oregon 0.22%, to $76.43 a barrel, with the front-month July declaration expiring connected Monday (June 22).
Follow West Asia LIVE updates here
The much actively traded August declaration was down 30 cents astatine $75.55 a barrel.
On Thursday (June 18), some benchmarks touched their lowest since aboriginal March as several tankers, including 3 Saudi-flagged vessels carrying 6 cardinal barrels of crude, sailed done the strait hours aft the presidents of Iran and the United States signed an interim woody to extremity their war.
Analysts expect the deal to merchandise much than 85 cardinal barrels of lipid stranded successful the Middle East Gulf into planetary markets. The statement besides includes the lifting of U.S. sanctions connected Iranian oil, which would further swell supply.
"Traders are inactive waiting for hard grounds that tanker postulation done the Strait of Hormuz is really normalising earlier committing to the adjacent limb lower," said Tim Waterer, main market expert astatine KCM.
Roughly a 5th of the world’s lipid and liquefied earthy state transited the strait anterior to the war, and analysts person suggested commercialized could instrumentality to mean successful coming months if the U.S.-Iran woody holds.
West Asia producers are besides gearing up to resume exports.
Kuwait Petroleum Corp said connected Thursday (June 18) it had lifted with contiguous effect each unit majeure notices issued during the war.
Iraq's oilfields are acceptable to resume accumulation and output volition gradually return to normal, restoring erstwhile rates, Oil Minister Basim Mohammed said.
However, Israel has continued its warfare against Hezbollah successful Lebanon, raising questions astir whether the U.S.-Iran bid statement volition hold.
In different disquieting motion for markets, U.S. Vice-President J.D. Vance pulled retired of a planned travel to conscionable Iranian negotiators successful Switzerland connected Friday (June 19).
"This is not the geopolitical backdrop that would springiness the marketplace immoderate assurance successful resuming Hormuz transit," said Vandana Hari, laminitis of lipid marketplace investigation supplier Vanda Insights.
