Brent crude dropped about 4% to around $83 a barrel on Monday, touching a session low just over $82—its lowest since 10 March and down from $93 on the prior Thursday—while the Dow rose 1% and the Russell 2000 and major European indices reached record closes, with the Nikkei and Kospi jumping 5% each. Trump declared the preliminary agreement “now complete” and said the Strait of Hormuz would open after the deal is signed on Friday 19 June; a 60-day negotiating window for a final accord on Iran’s nuclear programme and sanctions was also announced. The three-month low and the announcement of a Friday signing date extend a sequence of rapid oil-price reversals that saw Brent peak at $97.58 on 1 June, ease to $94.58 on 8 June, briefly drop below $85 on 12 June, and close at $87.50 on the eve of the new low.
Context
The three-month low and the announcement of a Friday signing date extend a sequence of rapid oil-price reversals that saw Brent peak at $97.58 on 1 June, ease to $94.58 on 8 June, briefly drop below $85 on 12 June, and close at $87.50 on the eve of the new low.
Gerelateerd
Oil price rises to $97 a barrel as ‘Iran stops exchanging messages with US’ – as it happened
The Guardian1 jun