Published on
17/06/2026 - 8:01 GMT+2
Oil prices sank further on Wednesday, with the international benchmark Brent trading well below $80 per barrel for the first time since early March, as optimism continued to drive prices lower following an interim peace agreement between the US and Iran that is expected to reopen the Strait of Hormuz by the end of the week.
The possibility of renewed traffic through the strait has helped ease fears of prolonged disruptions to energy supplies from the Gulf, a key source of global oil and liquefied natural gas exports.
The strategic shipping route has been effectively closed since the Iran war began on 28 February, sending Brent oil prices to near $120 a barrel at one point, and consequently pushing up prices globally. The US President Donald Trump said on Monday that the strait would be fully open by Friday and operate without transit charges.
