Brent oil falls below US$80 with US-Iran deal

Brent oil fell below US$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 key market gauges tumbling. Global benchmark Brent fell as much as 4 per cent, on course for its longest run of declines in 2026. An interim agreement is due to be signed by both sides in Switzerland on June 19, although Washington and Tehran have yet to release the text of their memorandum.The Middle Eastern Dubai and Murban oil benchmarks both flipped into a bearish contango structure, signalling oversupply. That comes as more barrels are expected from the region and the UAE keeps seeking to sell its barrels in tenders. Do you think that USA can be trusted to guarantee a long lasting peace between ISrael and Iran ?