Oil tanks
Oil prices dropped in early trading today, June 18, after the US 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)
77.77
(1.78)
(2.25%)
US WTI (July delivery)
74.88
(1.91)
(2.50%)
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.
Oil tanks
Oil prices dropped in early trading today, June 18, after the US 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)
77.77
(1.78)
(2.25%)
US WTI (July delivery)
74.88
(1.91)
(2.50%)
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.
