BAKU, Azerbaijan, June 16. Global oil prices have dropped more than 2 percent, reaching their lowest levels in three months, as markets respond positively to expectations that the Strait of Hormuz may reopen following a preliminary agreement between the United States and Iran.
TurkicWorld reports that brent crude futures fell by $2.02, or 2.4 percent, to $81.15 per barrel by 10:59 GMT, briefly touching $80.89 — the lowest level since March 4.
US West Texas Intermediate (WTI) crude also declined sharply, dropping $2.22, or 2.8 percent, to $78.53 per barrel after hitting $78.27, its weakest point since March 10.
Market sentiment has been boosted by optimism that reduced geopolitical tensions in the Gulf region could ease risks to energy supply routes, particularly through the strategically vital Strait of Hormuz, which is a key corridor for global oil shipments.
Oil markets had already fallen nearly 5 percent earlier after US President Donald Trump announced the interim agreement aimed at de-escalating tensions between the US and Iran.
Analysts say investor confidence is now closely tied to whether the agreement leads to sustained stability and the safe resumption of maritime traffic through critical energy chokepoints.
