Oil prices extended losses on Tuesday as markets weighed prospects for a resumption of supply through the key Strait of Hormuz against weak physical market signals and a lack of detailed information on a preliminary deal aimed at ending the Iran war, News.Az reports, citing Reuters.
By 0631 GMT, Brent crude futures were down 45 cents, or 0.5%, at $82.72 a barrel, while U.S. West Texas Intermediate (WTI) fell 24 cents, or 0.3%, to $80.51 a barrel.
On Monday, oil prices dropped nearly 5%, reaching their lowest close since March 4, after U.S. President Donald Trump said a memorandum of understanding had been signed to end the U.S.-Israeli war with Iran, although full details of the agreement have not been made public.
The hostilities had previously led to the closure of the Strait of Hormuz, a critical chokepoint that typically handles around one-fifth of global oil supply before the conflict.
Some analysts now expect a gradual resumption of supply through the Strait, while other factors continue to pressure physical market fundamentals.
China’s crude imports fell 29% in May to their lowest level in eight years, extending a sharp decline for the world’s largest importer. Its liftings of Saudi Arabian crude are also expected to decrease in July.
Early indications suggest that the U.S.-Iran deal could reopen the blocked Strait of Hormuz and extend a 60-day ceasefire, allowing negotiators to address complex issues including the future of Iran’s nuclear programme.
On Monday, Iranian President Masoud Pezeshkian described the U.S.-Iran pact as an “important step” toward ending the fighting, while cautioning that a final agreement for a lasting truce has “yet to take shape.”
However, with full details still emerging and a permanent truce not yet secured, overall price declines remain limited.
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