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Brent Oil Falls Below $80 With US-Iran Deal Set to Add Supply

Brent Oil Falls Below $80 With US-Iran Deal Set to Add Supply
Bloomberg Markets Tuesday 16 June 2026, 12:26 UTC By Alex Longley 1 min read
Key Points

Brent Oil Falls Below $80 With US-Iran Deal Set to Add Supply Oil fell below $80 a barrel for the first time since early March as the US-Iran deal to reopen the Strait of Hormuz boosted expectations for a revival in supply. Global benchmark Brent fell as much as 3.9% in London. An interim agreement is due to be signed by both sides in Switzerland on Friday, though Washington and Tehran have yet to release the text of their memorandum.

Brent Oil Falls Below $80 With US-Iran Deal Set to Add Supply Oil fell below $80 a barrel for the first time since early March as the US-Iran deal to reopen the Strait of Hormuz boosted expectations for a revival in supply. Global benchmark Brent fell as much as 3.9% in London. An interim agreement is due to be signed by both sides in Switzerland on Friday, though Washington and Tehran have yet to release the text of their memorandum.
Brent Oil Falls (PERSON) US (LOCATION) Iran (LOCATION) the Strait of Hormuz (LOCATION) Brent (PERSON) London (LOCATION) Switzerland (LOCATION) Washington (LOCATION) Tehran (LOCATION)
Originally published by Bloomberg Markets Read original →

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