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Oil prices fall to lowest level since Iran war began

2026-06-16 13:55:00, Ekonomi CNA

Oil prices fall to lowest level since Iran war began

Oil prices have fallen to their lowest level in nearly 15 weeks, despite uncertainty over how soon the Strait of Hormuz will reopen.

Brent crude fell nearly 2.5% to just above $81 a barrel on Monday, adding to Monday's 4.75% drop. This is the lowest level since March 4, the first week of the war with Iran.

However, the price still remains above the pre-war level of $72.48 per barrel.

Oil traders are betting that the reopening of the Strait of Hormuz will boost oil supplies from the Middle East, after Donald Trump said the vital sea route would reopen once the US and Iran sign an initial memorandum of understanding.

However, economists warn that it will take time for traffic through the strait to return to normal, as some production facilities need to be reopened or repaired, while some oil and gas tankers are in the wrong places.

The head of the world's largest tanker operator, Mitsui OSK Lines, told the Financial Times that shipowners will not resume transit through the Strait of Hormuz for several weeks until they are convinced that the US-Iran deal is "substantial."

Kathleen Brooks, director of research at financial firm XTB, explains that executives at the largest shipping companies want to see more than just a deal on paper.

According to her, the mines must be cleared and all hostilities must end before tankers carrying cargo worth hundreds of millions of dollars can pass through the Strait without fear of a new escalation that could close it mid-journey.

Therefore, even if an agreement is signed to end the US-Iran war, the situation remains complicated.

Brent crude oil remains above $80 per barrel and is unlikely to fall below this level until cargo ships are seen successfully passing through the Strait./ The Guardian





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