Oil slides as Trump's Hormuz agreement lifts outlook for supply

Rong Wei Neo & Nicholas Lua / Bloomberg06-18

While oil prices have eased, pressure on inventories remains acute. (June 18): Oil fell on Thursday as an interim US-Iran peace deal went into effect, putting the focus on how quickly transits through...

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(June 18): Oil fell on Thursday as an interim US-Iran peace deal went into effect, putting the focus on how quickly transits through...</p>\n\n<a href=\"https://www.theedgesingapore.com/news/highlight/crude-oil-edges-lower-deal-reopen-hormuz-goes-effect?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n","source":"edge_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oil slides as Trump's Hormuz agreement lifts outlook for supply</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOil slides as Trump's Hormuz agreement lifts outlook for supply\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-06-18 03:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/news/highlight/crude-oil-edges-lower-deal-reopen-hormuz-goes-effect?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS><strong>Rong Wei Neo & Nicholas Lua / Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While oil prices have eased, pressure on inventories remains acute. (June 18): Oil fell on Thursday as an interim US-Iran peace deal went into effect, putting the focus on how quickly transits through...</p>\n\n<a href=\"https://www.theedgesingapore.com/news/highlight/crude-oil-edges-lower-deal-reopen-hormuz-goes-effect?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PXJ","symbol_name":"Invesco Oil & Gas Services ETF","start_time":0,"source_url":"https://www.theedgesingapore.com/news/highlight/crude-oil-edges-lower-deal-reopen-hormuz-goes-effect?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","article_id":"2644082302","we_media_id":null,"thumbnails":[],"rights":{"source":"edge_highlight","url":"https://www.theedgesingapore.com/news/highlight/crude-oil-edges-lower-deal-reopen-hormuz-goes-effect?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2644082302","pubTimestamp":1781722980,"columns":[],"sourceInfo":{"source_id":"edge_highlight","name":"Edge"},"weMediaInfo":null,"summary":"While oil prices have eased, pressure on inventories remains acute. ","collect":0,"end_time":0,"defaultTopTitle":"theedgesingapore.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"PXJ":"Invesco Oil & Gas Services ETF","USOI":"ETRACS Crude Oil Shares Covered Call ETN","DBO":"原油ETF-PowerShares","BK4588":"碎股","IEO":"iShares Dow Jones U.S. Oil & Gas","DBC":"商品指数ETF-PowerShares DB","UGA":"United States Gasoline Fund LP","FTXN":"First Trust Nasdaq Oil & Gas ETF","WTI":"W&T海底钻探","DUG":"二倍做空石油与天然气ETF(ProShares)","UCO":"二倍做多彭博原油ETF","DBE":"能源商品ETF-PowerShares","XES":"SPDR S&P Oil & Gas Equipment & Services ETF","GUSH":"Direxion Daily S&P Oil &Gas Exp. & Prod. Bull 2X Shares","OILU":"MicroSectors Oil & Gas Exp. & Prod. 3x Leveraged ETN","OIH":"石油服务ETF","IXC":"全球能源业ETF-iShares","DRIP":"Direxion Daily S&P Oil & Gas Exp. & Prod. 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(June 18): Oil fell on Thursday as an interim US-Iran peace deal went into effect, putting the focus on how quickly transits through the Strait of Hormuz can be ramped up as Persian Gulf producers restart shut-in fields.\nBrent sank towards US$78 ($100.39) a barrel after a modest gain on Wednesday, while West Texas Intermediate (WTI) was near US$76. US President Donald Trump said he had signed the deal, which envisions a rapid reopening of the critical waterway.\nUS oil sanctions must now be lifted immediately, according to Iranian Foreign Ministry spokesman Esmail Baghaei. \"Iran must be able to sell its oil, shipping and insurance must not face any issues, and the revenues from oil sales must also be received,\" he said on state television. \nCrude has shed almost all of the gains seen during the conflict, which erupted in February when the US and Israel attacked Iran to curb its nuclear programme. Tehran responded by blocking the waterway, which used to carry about a fifth of global oil supply in peacetime. The US also subsequently blockaded the conduit in a bid to ramp up the pressure against Tehran.\n\"The easy part was reaching an agreement - the harder part is determining how much of the disruption from the past few months becomes permanent,\" said Haris Khurshid, the chief investment officer of Karobaar Capital LP.\nGoldman Sachs Group Inc said in a note earlier this week it now assumes that Persian Gulf exports will normalise at pre-war levels by the end of next month, compared with an outlook for the end of August previously.\n\"Markets tend to assume a reopening means a reset,\" said Khurshid. \"While really some of the changes made during the disruption may stick around longer than people expect.\"\nAhead of the deal's signing - which ushers in a 60-day period of additional talks on unresolved issues -  the oil and shipping industry remained largely in wait-and-see mode, although a handful of vessels began rerouting towards the Middle East, while Iranian tankers laden with oil moved out.\nShipbrokers and owners reported some tentative inquiries about hiring vessels to collect oil from ports across the region, although it is not clear whether any new deals have been struck. Iraq, the region's second-largest producer before the war, said it is taking steps to increase exports.\n\n\n\nPrices:\n\n\n\n\nBrent for August settlement were 1.5% lower at US$78.39 a barrel at 9.55am in Singapore.\nWTI for July delivery shed 1.6% to US$75.54 a barrel.\n\n\n\n\n\nWhile oil prices have eased, pressure on inventories remains acute. Stockpiles at Cushing, the largest US commercial storage hub, have sunk to about 20 million barrels. That's a level traders consider an operational minimum.\nAt the same time, petroleum products have followed crude's path lower. Average nationwide gasoline prices in the US have dropped back to US$4.025 a gallon, compared with a high of US$4.564 last month, according to daily figures from the American Automobile Association.\nOn Wednesday, Trump signalled that the risk of a major economic crisis had played a key role in his decision to call off the war. Military escalation \"could have caused an international depression\", he said.\nThe US leader \"really does want, going into the midterms, lower gasoline prices\", said Carolyn Kissane, an associate dean at the Center for Global Affairs at New York University, referring to the elections in November. \"He's willing to accept a deal kind of at all costs.\"\nUploaded by Tham Yek Lee","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2644082302","isCrawlerRequest":true}