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Crude Prices · Energy Supply · Iran Oil · US-Iran Deal
The United States and Iran finalized a preliminary agreement, electronically signed on June 15 and scheduled for formal signing on June 19 in Switzerland, which immediately allows Iran to resume oil and fuel sales, leading to a significant drop in global crude prices.
Oil prices fell sharply on June 16, with Brent crude futures dropping 3.85% to $79.97 a barrel, the lowest since March 3, and US West Texas Intermediate crude falling 4.36% to $77.23 a barrel, its lowest since March 10. This agreement, viewed by G7 leaders as a "historic opportunity," lifts sanctions on banking, transportation, and insurance services necessary for oil sales, contingent on Iran's compliance with nuclear non-proliferation and Strait of Hormuz navigation commitments.
Tanker Trackers confirmed three National Iranian Tanker Company vessels, including "Diona" and "Hero 2," carrying 3.8 million barrels of crude, passed through the US naval blockade. US President Donald Trump announced he will send the deal to Congress for review, while Iran's Khatam al-Anbiya Central Headquarters warned Israel against continued strikes in Lebanon.