17 June 69

World oil prices dropped 5%. Brent dropped 80 dollars. It was close to the price before the war. Gold rose 1%.

Oil prices fell steadily after the United States and Iran reached a ceasefire agreement, with the price of Brent crude oil, the world-referenced oil index, falling below $80 per Barell, amid expectations that the Strait of Hormuz could reopen soon.

• LONDON - The price of Brent crude oil fell $4.21, or -5.1 percent, to close at $78.96 a barrel.

• NEW YORK - West Texas Intermedia (WTI) crude price fell $4.70, or -5.8%, to close at $76.05 per Barell.

• Singapore (wait 7 a.m.)

All right, the U.S.-Iran war began on February 28, with the February 27 price of Brent oil closing at $72.48 a barrel and the price of WTI oil closing at $67.02.

Bob Yawker, director of energy futures at Mizuho, said in a note that "crude oil prices are falling sharply on the assumption that the Strait of Hormuz will open soon." Before the war, about 20% of the world's oil passed through the strait.

By, details of an interim agreement to end the war began to emerge Tuesday, with US President Donald Trump saying the deal would rule out the possibility of Iran having nuclear weapons at all, while US officials said the deal would allow Iran to sell oil once a ceasefire is signed.

The agreement will extend the fragile ceasefire announced in April for another 60 days, and reopen the Strait of Hormuz.

However, there are doubts about the deal, with experts warning that transportation and energy exports could take weeks to recover, while in Lebanon, the Iranian-backed Hezbollah group says they believe Iran will not sign a final nuclear deal unless Israel pulls out of Lebanon.

Meanwhile, an analyst at the energy consulting firm "Ritter Birch & Associates" stated in a memo, "At the moment, there is a resolution of great confidence in the success of this plan, without taking into account thorny issues after this, such as financial compensation, sanctions, and especially a satisfactory nuclear deal, which is the main cause of the war."

In addition to that, other factors depressing oil prices include concerns about China's economy, rising global inflation and interest rates, and demands for peace between Russia and Ukraine from the US.

Gold rose 1%.

Gold prices rose more than 1 percent on Tuesday as expectations of a Federal Reserve (Fed) rate hike this year fell, following an interim peace agreement between the U.S. and Iran that dropped oil prices and dampened inflation concerns.

• Gold Spot prices rose 0.8 percent to $4,338.86 an ounce, reaching their highest level since June 5 during the previous trading session.

• Gold futures closed about 0.1 percent higher at $4,354.4.