Oil Prices Fall To 3-Month Lows On U.S.-Iran Deal
Key takeaways
- Markets Oil Prices Fall To 3-Month Lows On U.S.-Iran Deal By Gaurav Sharma,
- Forbes contributors publish independent expert analyses and insights.
- Commercial vessels and oil tankers preparing to transit through the Strait of Hormuz, one of the most critical strategic waterways for global trade flows, maintain their wait in the Gulf of Oman, on June 17, 2026.
Markets Oil Prices Fall To 3-Month Lows On U.S.-Iran Deal By Gaurav Sharma,
Forbes contributors publish independent expert analyses and insights. Gaurav Sharma is a London-based analyst who covers energy & ESG.Follow Author Jun 18, 2026, 05:04pm EDTSummary Global oil prices plummeted to three-month lows Thursday, with Brent and WTI futures falling below $80 a barrel, following a U.S.-Iran deal to ease Middle East hostilities. Brent saw an 11% weekly and 24% monthly decline. The deal aims to normalize crucial oil transit through the Strait of Hormuz, disrupted since February. It includes a 60-day window for nuclear program talks and a $300 billion reconstruction fund for Iran. As tankers reportedly resume movement, the market anticipates a significant global oil surplus by early 2027. The IEA forecasts an 8 million bpd supply surge, prompting banks like Citi to drastically cut their long-term price expectations, unwinding the war risk premium.
Commercial vessels and oil tankers preparing to transit through the Strait of Hormuz, one of the most critical strategic waterways for global trade flows, maintain their wait in the Gulf of Oman, on June 17, 2026. (Photo: Shady Alassar)Anadolu via Getty ImagesOil prices fell to three-month lows on Thursday after the U.S. and Iran signalled that a long awaited deal to end hostilities in Middle East had been signed.