{"id":1787,"date":"2026-06-12T19:09:02","date_gmt":"2026-06-12T19:09:02","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=1787"},"modified":"2026-06-12T19:09:02","modified_gmt":"2026-06-12T19:09:02","slug":"oil-nears-two-month-lows-on-reports-of-imminent-us-iran-peace-deal","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=1787","title":{"rendered":"Oil nears two-month lows on reports of imminent US-Iran peace deal"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>HOUSTON, June 12 (Reuters) &#8211; Oil prices fell more than 3% on Friday \u200bto their lowest levels in nearly two months as U.S. and Iranian officials said they were close to an \u200cagreement to halt their war in the Middle East.<\/div>\n<div>Brent futures were down $3.34, or 3.7%, at $87.04 a barrel by 1035 CDT (1535 GMT), while U.S. West Texas Intermediate (WTI) crude dropped $3.11, or 3.55%, to $84.60. Both contracts were at their lowest prices since April 17.<\/div>\n<div>&#8220;The market thinks we&#8217;re closer \u200bto the deal,&#8221; said Phil Flynn, senior analyst with Price Futures Group.<\/div>\n<div>A memorandum between the U.S. and Iran \u200bto halt the war in the Gulf could be signed as soon as Sunday, a Western source \u2060told Reuters on Friday, with Geneva emerging as the likeliest venue.<\/div>\n<div>Iran&#8217;s Fars news agency, however, citing a source close \u200bto the negotiations, denied that speculation.<\/div>\n<div>U.S. President Donald Trump called off his threatened air strikes on Thursday, while Iran&#8217;s Mehr news agency reported \u200bthat final negotiations on the memorandum would focus on nuclear and economic issues but would exclude discussions about Iran&#8217;s missile programme.<\/div>\n<div>Iran&#8217;s IRNA news agency, meanwhile, said nuclear talks would take place within a 60-day period after a memorandum was signed.<\/div>\n<div>&#8220;Headlines are driving the market once again as confidence grows \u200bthat an eventual deal will be struck and the Strait (of Hormuz) reopens,&#8221; said Tamas Varga, an analyst at PVM Oil Associates.<\/div>\n<div>The caveat, \u200bhowever, is that global and regional oil stocks are still low and could drift lower, even with a deal, as it would take time \u200cto \u2060ensure uninterrupted oil flows, he added.<\/div>\n<div>On Thursday, Iran announced a complete closure of the strait, saying it would fire on any ship trying to pass through the waterway. Traffic through the strait, which normally carries a fifth of global oil and liquefied natural gas shipments, has been extremely limited as a result of the war.<\/div>\n<div>The U.S. military, however, said on social media that commercial ships continued to transit the waterway.<\/div>\n<div>&#8220;We \u200bbelieve the market reaches an \u200binflection point in late \u2060July if we do not see oil flows resuming before then,&#8221; ING analysts said in a note. &#8220;This is when inventory levels and seasonally stronger demand push prices significantly higher towards $120-130 per \u200bbarrel.&#8221;<\/div>\n<div>Goldman Sachs lowered its 2027 average Brent forecast to $80 a barrel on higher supply and \u200blower demand, \u2060but expects prices to exceed the 2025 average on stockpiling of OECD commercial oil stocks and a security premium for disruptions.<\/div>\n<div>The Organization of the Petroleum Exporting Countries lowered its forecast for 2026 world oil demand growth to 970,000 barrels per day on Thursday from \u2060a previous \u200b1.17 million bpd &#8211; its second straight downward revision.<\/div>\n<div>The producer group also said \u200bconsumption would eventually rebound. It expects oil demand in 2027 to rise by 1.73 million bpd, up 190,000 bpd from its previous forecast.<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=1785\">Explainer: SpaceX\u2019s IPO includes a \u201cgreenshoe\u201d option \u2013 here\u2019s what that means<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=1783\">S&amp;P 500, Dow rise on Mideast deal hopes, SpaceX\u2019s historic debut<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=1782\">Iranian-American fans face uneasy World Cup as war rages<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices fell more than 3% on Friday \u200bto their lowest levels in nearly two months as U.S. and Iranian officials said they were close to an \u200cagreement to halt their war in the Middle East.<\/p>\n","protected":false},"author":1,"featured_media":1786,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[21,86,29],"class_list":["post-1787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-energy","tag-storage","tag-transport-fuels"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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