Brent Falls to $79.49 as 12 Million Barrels Cross Hormuz Under U.S.-Iran Deal
Updated
Updated · CNBC · Jun 19
Brent Falls to $79.49 as 12 Million Barrels Cross Hormuz Under U.S.-Iran Deal
3 articles · Updated · CNBC · Jun 19
Summary
$79.49 Brent and $76.36 WTI marked a second straight daily decline Friday as traders priced in the interim U.S.-Iran deal and easing disruption risk in the Strait of Hormuz.
More than 12 million barrels crossed the strait overnight, Vice President JD Vance said, adding Iran had not fired on ships for a second night and was so far honoring its commitment.
Shipping conditions are improving only gradually: major shipping lines have yet to resume transits and insurance rates remain elevated, leaving the market cautious about how quickly flows normalize.
Axi's Tiago Lacerda said Brent is likely to trade between $75 and $82 near term, roughly 36% below its conflict peak as attention shifts from war risk to physical reopening.
OPEC Secretary General Haitham Al Ghais separately said the group sees no foreseeable demand peak and rejected IEA forecasts of an upcoming supply glut, underscoring a still-supportive longer-term backdrop.