Brent Crude Oil Drops to $77.76 per Barrel

© изображение сгенерировал ИИ

Brent crude oil prices are falling during trading on June 18, according to data from the London-based ICE exchange.

August futures for Brent crude dropped by 2.25%, reaching $77.76 per barrel.

Meanwhile, July futures for WTI crude were down by 2.59%, trading at $74.80 per barrel.

The price decline is driven by market expectations of an imminent resolution to the conflict in the Middle East and the reopening of the Strait of Hormuz for shipping. Earlier, Iranian Foreign Ministry spokesman Esmail Baghaei announced that Iran and the U.S. had agreed on the text of a memorandum of understanding.