pakistan
Oil falls to lowest since start of Iran war
Key takeaways
- Brent crude futures were down $1.59, or 2%, at $77.96 a barrel as of 0811 GMT, while U.S.
- Brent sank to its lowest since March 2, which was the first day of trading after the initial U.S.-Israeli strikes on Iran, while WTI was at its lowest since March 4.
- The 14-point memorandum begins a 60-day negotiation period during which Iran will allow toll-free passage through the Strait of Hormuz, a key oil and gas shipping lane.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize LONDON, June 18: Oil prices fell 2% on Thursday to their lowest since the first trading day of the Iran war, as a US-Iran interim deal to end the war, reopen the Strait of Hormuz and ease sanctions on Tehran boosted the global supply outlook.
Brent crude futures were down $1.59, or 2%, at $77.96 a barrel as of 0811 GMT, while U.S. West Texas Intermediate fell $1.83, or 2.38%, to $74.96 a barrel.
Brent sank to its lowest since March 2, which was the first day of trading after the initial U.S.-Israeli strikes on Iran, while WTI was at its lowest since March 4.
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