Oil Prices Slide After U.S. and Iran Sign Ceasefire Agreement
Saudi Aramco Eyes $7 Billion Sulfur Asset Sale as Demand Soars Josh Owens is the Content Director at Oilprice.com and a veteran energy journalist with over a decade of experience covering global energy markets and geopolitics.… Oil prices were under pressure in early Asian trading on Thursday after the U.S.
and Iran formally signed an agreement to reopen the Strait of Hormuz.
The speed at which oil markets have changed their tune in recent weeks has been remarkable, with the IEA now warning of an oil glut despite major tightness in today’s market.
At the time of writing, Brent crude was trading at $77.64 per barrel, down 2.40% on the day, while West Texas Intermediate had fallen 2.88% to $74.58 per barrel.
and Iranian presidents, extends the existing ceasefire by 60 days while negotiators attempt to reach a permanent settlement.
The deal includes the reopening of Hormuz, the lifting of U.S.
sanctions on Iran, the unfreezing of Iranian assets, and commitments by Tehran not to pursue a nuclear bomb.
Trump made it clear at the G7 summit that the U.S.
was ready to resume military action if needed, saying, "We're going to bomb the hell out of them if they violate the agreement".
For much of the conflict, analysts had been warning of oil prices soaring, with talk of$200 per barrelas crisis after crisis piled up.
Instead, prices have fallen by more than 35% in the last month and remain under pressure.
Analysts aredividedover these price movements, with some claiming that markets are simply more resilient to disruption than many assumed, drawing parallels to the price spike and then fall following Russia’s invasion of Ukraine.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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