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Oil Steadies Near Lowest Since March on Outlook for Hormuz Deal

Oil Steadies Near Lowest Since March on Outlook for Hormuz Deal
Bloomberg Markets Monday 15 June 2026, 22:01 UTC By Rong Wei Neo, Gabriel Levin 1 min read
Key Points

Oil Steadies Near Lowest Since March on Outlook for Hormuz Deal Oil held the biggest drop in more than two weeks on optimism that a deal between the US and Iran will reopen the Strait of Hormuz. West Texas Intermediate traded near $81 a barrel after sinking almost 5% on Monday, while Brent ended near $83. The agreement is due to be signed by the two sides in Switzerland on Friday, with President Donald Trump insisting that the waterway would be clear.

Oil Steadies Near Lowest Since March on Outlook for Hormuz Deal Oil held the biggest drop in more than two weeks on optimism that a deal between the US and Iran will reopen the Strait of Hormuz. West Texas Intermediate traded near $81 a barrel after sinking almost 5% on Monday, while Brent ended near $83. The agreement is due to be signed by the two sides in Switzerland on Friday, with President Donald Trump insisting that the waterway would be clear. “We have a lot of lanes right now already,” he told reporters at the Group of Seven summit in France.
Outlook (ORG) US (LOCATION) Iran (LOCATION) the Strait of Hormuz (LOCATION) West Texas Intermediate (ORG) Brent (PERSON) Switzerland (LOCATION) Donald Trump (PERSON) France (LOCATION)
Originally published by Bloomberg Markets Read original →

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