Oil prices fell in early trading on Thursday (June 18) after the U.S. and Iran signed an interim agreement that would end the Iran war, reopen the Strait of Hormuz and waive U.S. sanctions on Tehran’s oil, resolving the largest energy supply disruption in history.
Brent crude futures were down 89 cents, or 1.12%, at $78.66 a barrel as of 0005 GMT, and U.S. West Texas Intermediate fell 98 cents, or 1.28%, to $75.81 a barrel.
The benchmarks resumed their decline, reversing gains made on Wednesday after U.S. President Donald Trump said he could resume his bombing campaign if Iran’s leaders “don’t behave”.
-Reuters