The August Brent contract fell 30 cents to $75.55 per barrel on June 19, as multiple Saudi-flagged supertankers carrying a combined 6 million barrels of crude sailed through the strait just hours after a US-Iran memorandum of understanding was announced. That price represents a sharp retreat from the $100-plus levels Brent hit during months of military tensions that had effectively shut down shipping access since early March.
What the deal actually does
The MOU, signed around June 17, grants toll-free passage for oil tankers through the strait for an initial 60-day window. It also opens the door for further negotiations on Iran’s nuclear program.
Within hours of the announcement, Saudi Arabia had supertankers moving through the strait. Six million barrels is not a trivial amount of crude.
From $100 to $75 in a matter of weeks
