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Terence Zimwara
6-17
U.S.-Iran MoU Sends Brent Briefly Below $80 on June 16 as Traders Bet on Hormuz Reopening
Global oil prices slid to a two-month low on June 16, with Brent crude briefly dipping below $80 a barrel. WTI crude fell 4% to $77.43. The moves were driven by optimism around a U.S.-Iran memorandum of understanding (MoU) that would reopen the Strait of Hormuz.
