The barrel of Brent crude oil is trading at $77.31 on international futures markets.
After rising to $82.97 yesterday, the Brent crude oil futures barrel price closed the day at $79.55.
As of 09:19 today, the Brent crude oil barrel price decreased by approximately 2.8% compared to the closing price, falling to $77.31. At the same time, the barrel of West Texas Intermediate (WTI) crude oil was trading at $74.28.
The decline in prices was driven by reduced concerns about oil supply disruptions following the signing of a provisional agreement between the US and Iran that ended the war and reopened passages through the Strait of Hormuz.
In a statement on the US-based social media platform X today, Pakistani Prime Minister Shehbaz Sharif announced that the US and Iran had electronically signed the "Islamabad Consensus Agreement."
Stating that the agreement was signed by the leaders of the two countries, Sharif said, "The signing of this agreement at the highest level of the respective governments demonstrates both parties' commitment to resolving the conflict through diplomatic means. The Islamabad Consensus Agreement will take effect immediately, and as a first step, Iran will immediately reopen the Strait of Hormuz, while the US will immediately lift the naval blockade."
Sharif noted that Pakistan, with the support of co-mediator Qatar, will hold an official ceremony in Switzerland on June 19 as planned to initiate technical-level talks.
It was announced that on June 14, the US and Iran, through a process mediated by Pakistan, reached a 14-point agreement aimed at ending the war and resolving issues through diplomatic means.
According to reports not yet published but covered by the international press, the agreement includes ending the war, including in Lebanon, reopening the Strait of Hormuz, and lifting the US naval blockade. The parties are expected to continue negotiations for a final agreement on issues such as Iran's nuclear program and the lifting of sanctions.
Oil prices had surged yesterday after US President Donald Trump stated that he could bomb Iran if it did not comply with the agreement.
This agreement, which came after weeks of the largest oil supply disruption in history caused by the US/Israel-Iran war, strengthens the possibility of oil from the region, especially Iran, returning to markets, supporting global supply expectations.
The International Energy Agency (IEA), in its oil market report published yesterday, forecasts that although global oil supply will decrease by approximately 3.9 million barrels per day this year compared to last year, it will increase by about 8 million barrels per day next year to 110.35 million barrels per day as production in the Gulf region recovers. The IEA expects global oil demand to rise by approximately 2 million barrels per day in 2027, reaching 105.3 million barrels per day. This scenario points to a daily oversupply of about 5 million barrels in global markets.
On the other hand, the decline in US stocks supported prices. According to data from the US Energy Information Administration (EIA), the country's commercial crude oil stocks decreased by approximately 8.3 million barrels last week compared to the previous week, falling to 418.2 million barrels. This level is approximately 6% below the five-year average for this time of year.
During this period, strategic crude oil reserves, which are not included in commercial crude oil stocks, also decreased by 8.9 million barrels. Gasoline stocks fell by approximately 900,000 barrels.
Technically, resistance for Brent crude is noted at $82.43, while support is seen at $71.99.
