US, Iran Near Deal That Could Cut Oil $20 in a Week as Midterms Loom

9 articles · Updated · OilPrice.com · Jun 1

$20 a barrel could be wiped off crude within a week if Washington and Tehran seal a peace deal that convinces markets the Strait of Hormuz will stay open.
Macquarie expects Gulf shipping backlogs to clear in 2-4 weeks and flows to ramp toward full levels after another 2-4 weeks, eventually pulling crude back to a $65-$70 fair-value range.
The deal appears close because Trump can claim partial success: key nuclear sites were heavily damaged and Iran's proxy command fractured, even though up to 440 kg of 60% enriched uranium remains unlocated and about 70% of missiles survive.
Gasoline still above $4 a gallon raises the political stakes for Washington, with the administration seeking lower energy costs before November midterm elections.
Tehran is bargaining from leverage over Hormuz and is said to want many tens of billions of dollars in compensation or an investment fund, while moving cautiously on commitments.

Is the potential peace deal a path to stability or a temporary truce for economic relief?

Can a US-Iran peace deal hold while China and Russia actively rearm Tehran?

How can peace be secured while 440kg of Iran's enriched uranium remains unlocated?