Brent crude traded briefly below $85 a barrel on Friday before recovering above $89 after Trump dismissed Iranian reports of an imminent deal. The US president had called off further military strikes, claiming peace talks could reopen the Strait of Hormuz as soon as this weekend, while Tehran said parts of the agreement were complete but no final decision had been made. The slump took prices to the lowest since the week Iran blocked the strait in early March, when Brent spiked above $113 before an IEA emergency release of 400m barrels. The recent fall has been aided by Chinese import cuts and shadow-fleet “dark transits”. It is the lowest price since the crisis began, down sharply from $97.58 on 1 June and $94.58 on 8 June.
Context
It is the lowest price since the crisis began, down sharply from $97.58 on 1 June and $94.58 on 8 June.
