"Global oil prices" plunged more than 4%, to their lowest level in nearly two months, after Trump canceled the attack on Iran.

Global oil prices plunged more than 4% to their lowest level since April after Trump canceled plans to attack Iran and signaled that a peace deal could be reached by the end of the weekend.

June 12, 2569 at 16.04:XNUMX a.m., Reuters reported that Global oil prices fell by more than 4% in Friday's (June 13) trading. The level hit its lowest point in nearly two months after investors eased concerns about supply risks from the Middle East following U.S. President Donald Trump's cancellation of plans for further attacks on Iran.

Brent Crude Oil Futures It fell by $3.81, or 4.22%, to $86.57 per barrel, while US West Texas Intermediate (WTI) crude oil. The price fell $3.80, or 4.33%, to $83.91 per barrel, with both contracts hitting their lowest levels since April 17.

Trump revealed on Thursday that he had canceled his previously threatened attack on Iran following progress in discussions between the two sides, adding that a peace agreement leading to the reopening of the Strait of Hormuz could be signed this weekend.

Although Iran insists that a final decision has not yet been made, it stated that most details of the agreement have been finalized. Meanwhile, the Mehr news agency reported that the final round of negotiations will focus on nuclear and economic issues, excluding Iran's missile program.

Analysts from PVM Oil Associates. specify that The market continues to react strongly to headlines, and increased confidence that a deal will actually happen, along with the reopening of the Strait of Hormuz, are key factors pressuring oil prices.

however Analysts warn that even with an agreement, global oil stockpiles remain low, and it may take some time before full oil exports through the Strait of Hormuz can resume.

Earlier, Iran announced it would close the Strait of Hormuz and threatened to shoot down any ships attempting to pass through the route, which is used for approximately 20% of the world's oil and liquefied natural gas (LNG) shipments, despite the US military insisting that commercial ships could still navigate the area.

side ING I think that If oil exports do not return to normal by the end of July, oil prices could rise significantly, potentially reaching $120-130 per barrel, driven by declining stockpiles and increased seasonal demand.

meanwhile Goldman Sachs has lowered its forecast for the average Brent crude oil price in 2570 to $80 per barrel. Despite the expectation of increased supply and slowing demand, prices are still believed to remain above average in 2568 due to accumulated oil stocks in developed countries and geopolitical risks.

The Organization of the Petroleum Exporting Countries (OPEC) has lowered its forecast for global oil demand growth in 2026 to 970,000 barrels per day from the previous 1.17 million barrels per day, marking the second consecutive downward revision. However, OPEC expects demand to recover in 2570 and has revised its forecast for oil demand growth in that year upwards to 1.73 million barrels per day.

refer : www.reuters.com

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