Brent Crude Heads for 38% Quarterly Slump as Iran Truce Erases War Premium

1 articles · Updated · The Guardian · Jun 30

$73.18 a barrel Brent is on course for a 38% drop in April-June, its steepest quarterly fall since the pandemic with one trading day left.
Washington and Tehran's interim peace agreement, plus planned talks to end the conflict, drove oil lower through June as fears over Middle East supply disruption eased.
That slide has nearly wiped out the war spike: Brent is now only about $1 above its pre-conflict level after surging 94% in January-March.
Premier Miton fund manager Simon Prior said the selloff may be overdone because countries still need to rebuild crude reserves and confidence in using the Strait may return slowly.