A barrel of Brent oil is traded at $83.47 with a decrease of 4.42 percent in international futures markets due to the agreement reached between the USA and Iran.
The forward barrel price of Brent oil, which rose to $89.90 on Friday, finished the day at $87.33.
The barrel price of Brent oil decreased by approximately 4.42 percent compared to the closing time at 09.26 today, reaching 83.47 dollars. At the same time, a barrel of West Texas Intermediate (WTI) crude oil fell by 5.05 percent and was sold at $80.59.
The decline in prices was influenced by the agreement between the USA and Iran to end the war and restart passage through the Strait of Hormuz.
Oil prices fell by approximately 5 percent on Friday after US President Donald Trump announced that he was suspending planned military attacks against Iran and that a comprehensive peace agreement could be signed.
The decline in prices deepened with the announcement that the agreement had been reached. While the barrel price of Brent oil decreased by 4.9 percent to $83.05 in the early morning hours compared to Friday’s closing, the barrel price of WTI oil decreased by 5.7 percent to $80.01.
Thus, Brent oil saw its lowest levels since March 6 and WTI since March 10.
Pakistani Prime Minister Shahbaz Sharif announced in his post on the social media platform of the US-based X company that “after intensive negotiations”, a peace agreement was reached between the USA and Iran. Sharif stated that both sides “declared the immediate and permanent termination of military operations on all fronts, including Lebanon” and that the official signing ceremony of the agreement will be held in Switzerland on June 19.
In his statement on his social media account, Trump announced that the peace agreement with Iran has been completed, the Strait of Hormuz will be opened “free of charge” and the blockade of the US Navy will be lifted immediately. Trump stated that with the signing of the agreement on June 19, the strait will be opened, mines will be cleared and the flow of oil will restart.
Iranian Deputy Foreign Minister Kazem Garibabadi confirmed that an agreement was reached with the USA and noted that issues such as sanctions, nuclear program and economic development mechanism will be discussed within 60 days after the memorandum of understanding is signed in Switzerland on June 19. Stating that the agreement also covers Lebanon, Garibabadi stated that the text of the agreement will be made public before the signing ceremony on June 19.
On the other hand, speaking to the New York Times about the agreement, Trump argued that the agreement with Iran would provide “permanent free passage” in the Strait of Hormuz and stated that if Iran cannot reach a final nuclear agreement with the United States, he would restart military attacks against Tehran.
It is stated that technically $ 85.28 can be watched as resistance and $ 82.46 as support zone for Brent oil.
