Brent crude fell as much as 3.9% in London trading, dipping below $80/bbl for the first time since early March after the US and Iran reached an agreement to reopen transit through the Strait of Hormuz, lifting expectations of oil supply restoration. The US and Iran are expected to sign a temporary accord in Switzerland on Friday; Washington and Tehran have not released details.

2026-06-16

Brent crude fell as much as 3.9% in London trading, dipping below $80/bbl for the first time since early March after the US and Iran reached an agreement to reopen transit through the Strait of Hormuz, lifting expectations of oil supply restoration. The US and Iran are expected to sign a temporary accord in Switzerland on Friday; Washington and Tehran have not released details.