Crude oil prices, specifically Brent and West Texas Intermediate (WTI), are hovering near their lowest levels in three months, primarily due to expectations surrounding an interim US-Iran deal. Brent crude is trading below $80 per barrel, having tumbled 15% over the past four sessions, while WTI is close to $77 per barrel. This decline of nearly 40% from conflict peaks is largely attributed to the fading geopolitical risk amid hopes for a resolution. However, some analysts note that the market is currently at a critical juncture, balancing the potential for increased supply against unresolved uncertainties regarding shipping through the Strait of Hormuz.
The proposed agreement, expected to be signed on Friday, June 19th, aims to reopen the Strait of Hormuz, a crucial shipping route for one-fifth
