Summary
- BlockBeats reported that Brent fell below $80 a barrel, reaching its lowest level since March 10.
- Expectations of a deal between the US and Iran are easing crude supply concerns in the Strait of Hormuz and broader Middle East risk.
- Markets see the drop in oil prices as potentially easing the inflation burden and supporting sentiment toward global equities and cryptocurrencies.
Brent crude extended its losses and fell below $80 a barrel as expectations for a US-Iran agreement continued to erode the geopolitical risk premium in the oil market.
Crypto media outlet BlockBeats, citing Bitget price data on June 16, reported that Brent fell below $80 a barrel to its lowest level since March 10.
Brent was down 3.56% during the session. West Texas Intermediate crude sank 4.00% to $78.12 a barrel.
Growing expectations of an agreement between the US and Iran have eased concerns about disruptions to shipping through the Strait of Hormuz and instability in crude supply. Oil prices, which had climbed on Middle East risk, have quickly given back those gains.
Market participants say lower oil prices could ease inflation pressures and support risk appetite for global equities and cryptocurrencies.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
