WTI Plunges 5%, Brent Drops 3% as Hopes Rise for Strait of Hormuz Reopening
Summary
- International oil prices plunged after President Donald Trump announced an agreement with Iran.
- Brent crude fell more than 3%% to around $84 a barrel, while WTI plunged 5%% and traded near $80 a barrel.
- Trump said he had approved free passage through the Strait of Hormuz and lifted the U.S. Navy’s blockade measures, adding, “Let the oil flow again.”
Forecast Trend Report by Period
Oil prices tumbled after President Donald Trump announced an agreement with Iran.
Brent crude fell more than 3% to around $84 a barrel on June 14, Bloomberg reported. West Texas Intermediate dropped as much as 5% intraday and traded near $80 a barrel.
The selloff came immediately after Trump’s announcement. In a social media post, he wrote that negotiations with Iran had been completed, approved free passage through the Strait of Hormuz and said the U.S. Navy’s blockade measures would be lifted immediately.
Trump also wrote, “Ships around the world, start your engines,” adding, “Let the oil flow again.”
The Strait of Hormuz is a key energy shipping lane that handles about 20% of global crude oil and natural gas shipments. Fears of traffic disruptions had intensified recently amid military clashes between the U.S. and Iran, helping push international oil prices above $90 a barrel.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
