Oil Drops Nearly 5%, Citi Slashes Brent Forecasts After US-Iran Framework to Reopen Hormuz
Oil prices tumbled after the US and Iran backed a framework agreement to end hostilities and reopen the Strait of Hormuz, easing fears of supply disruptions through the waterway. NYMEX July WTI settled at $80.75 a barrel, down $4.13, or 4.87%, while Brent settled at $83.17, down $4.16, or 4.76%.
Citi cut its average Brent forecasts to $75 a barrel for the third quarter, $70 for the fourth quarter and $65 for 2027, from $110, $90 and $80 previously, on expectations Hormuz trade flows will resume and normalize. Wholesale gasoline prices also fell sharply, with declines of 10 to 20 cents a gallon cited in US trading, but industry officials said a return to pre-war production and refining levels could still take weeks, months or even years.
From the sources (25 posts)
@deitaoneIRAN'S ARAGHCHI: IF THE FINAL STAGE OF NEGOTIATIONS IS COMPLETED, THE AGREEMENT WILL BE SIGNED REMOTELY BY BOTH SIDES AND THEN ANNOUNCED
@theinsiderpaperBREAKING: Iran FM says draft US deal to be signed 'remotely' when finalized - AFP
@iranintl_enIranian Foreign Minister Abbas Araghchi said Friday that if the final stage of negotiations is completed, the agreement would be signed remotely by both sides and then formally announced.
@justthenewsPakistan says US, Iran have agreed upon the 'final' text of peace deal framework
@mossadil🇺🇸🇮🇷 President Trump was reportedly furious after Iranian state media claimed Tehran would receive billions in immediate sanctions relief upon signing the MOU. According to Channel 12, Trump demanded an apology for what he viewed as false
@ariel_oseranIranian Foreign Minister Abbas Araghchi said that if the final stage of negotiations is completed, the agreement would be signed remotely by both sides and then formally announced.
@barnes_lawRT @DropSiteNews: 💢 Iranian Foreign Minister Abbas Araghchi says that under a final U.S.-Iran agreement, services provided in the Strait of…
@staunovoHow the U.S. and Iran Turned From Renewed War to the Cusp of Peace A U.S. helicopter crash spurred an escalation that led both sides to back down and negotiate
@staunovoA central element of President Donald Trump’s emerging Iran deal is a step-by-step approach that would see the Strait of Hormuz reopened followed by Tehran getting economic rewards each time it meets US demands. That sequencing, described
@staunovoUS Vows Interim Iran Deal Will Reopen Hormuz, End Nuclear Threat
@clashreportTrump called Netanyahu on Thursday evening, telling him he expected to finalize an Iran deal within days. Trump: “This is the deal. It’s a great deal, and it’s time to end this war.” A senior U.S. official said Netanyahu “didn’t push back
@staunovoIran peace deal looms while new military action flares near Strait of Hormuz
@ryangrimRT @DropSiteNews: 🚨 NEW: Iranian Foreign Minister Abbas Araghchi told State TV the emerging U.S.-Iran memorandum of understanding is a roug…
@ryangrimRT @DropSiteNews: 🧵THREAD: Full Remarks by Iranian Foreign Minister Abbas Araghchi on Friday: 🔹 “Over the course of one year, we went thro…
@barnes_lawRT @araghchi: The Islamabad Memorandum of Understanding has never been closer. Pending its finalization, the media should refrain from ente…
@staunovoIran escalated efforts to seal uranium cache and placed mines
@barnes_lawRT @MarioNawfal: 🇺🇸🇮🇷 Per U.S. officials, the vice president will sign the MOU in Geneva, after which the harder technical talks shift to I…
@faytuksnetworkThe two sides have made progress on mechanisms to unfreeze Iranian cash, on the reopening of the strait and on references to Iran’s nuclear program - WSJ
@ajenglishPakistan’s FM Ishaq Dar has spoken with his Swiss counterpart, Ignazio Cassis, after Switzerland earlier proposed to host the signing of a memorandum of understanding between the US and Iran. 🔴 LIVE updates ⤵️
@cmshehbazWe are closer to a peace deal than ever before. With finalisation likely expected in the next 24 hours, Pakistan is preparing for the electronic signing of the peace deal immediately after, followed by technical level talks next week. We
@financialjuicePakistan PM Shehbaz Sharif: closer to peace agreement than ever before, finalisation expected within 24 hours
@financialjuicePakistan PM Sharif: Pakistan preparing for electronic signing of US-Iran peace agreement immediately after finalisation
@firstsquawkPakistan PM Shehbaz Sharif: closer to peace agreement than ever before, finalisation expected within 24 hours
@firstsquawkPakistani Prime Minister: We are preparing for the electronic signing ceremony of the peace agreement between the United States and Iran immediately upon its completion.
@clashreportBREAKING: Pakistan PM Sharif on Iran-U.S deal: We are closer to a peace deal than ever before. With finalisation likely expected in the next 24 hours, Pakistan is preparing for the electronic signing of the peace deal immediately after, fo