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

Oil Falls Below $80 With US-Iran Deal Set to Add Wave of Supply
Bloomberg Markets Tuesday 16 June 2026, 19:12 UTC 1 min read
Key Points

Jun 16th, 2026 Oil Falls Below $80 With US-Iran Deal Set to Add Wave of Supply Brent oil fell below $80 a barrel for the first time in more than three months as the US-Iran deal to reopen the Strait of Hormuz boosted expectations for a revival in supply, with leading Wall Street banks reducing their price forecasts and regional benchmarks collapsing. Bloomberg Mike McGlone joins to discuss.

Jun 16th, 2026 Oil Falls Below $80 With US-Iran Deal Set to Add Wave of Supply Brent oil fell below $80 a barrel for the first time in more than three months as the US-Iran deal to reopen the Strait of Hormuz boosted expectations for a revival in supply, with leading Wall Street banks reducing their price forecasts and regional benchmarks collapsing. Bloomberg Mike McGlone joins to discuss. [Image text:] AAA RETAIL GAS REGULAR Bloomberg 1130AM 4.04 V0.02 0.52% New York
US (LOCATION) Iran (LOCATION) the Strait of Hormuz (LOCATION) Bloomberg Mike McGlone (PERSON)
Originally published by Bloomberg Markets Read original →

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