{"id":49548,"date":"2026-06-15T08:23:34","date_gmt":"2026-06-15T02:38:34","guid":{"rendered":"https:\/\/nepalsamaj.com\/en\/?p=49548"},"modified":"2026-06-15T08:23:34","modified_gmt":"2026-06-15T02:38:34","slug":"oil-prices-slide-after-pakistan-announces-deal-between-us-and-iran","status":"publish","type":"post","link":"https:\/\/nepalsamaj.com\/en\/oil-prices-slide-after-pakistan-announces-deal-between-us-and-iran\/","title":{"rendered":"Oil prices slide after Pakistan announces deal between US and Iran"},"content":{"rendered":"
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BBC:<\/strong> Oil prices fell in early trade in Asia on Monday after Pakistan, which has been mediating an end to the US-Iran war, announced a deal that President Donald Trump said would see the reopening of the key Strait of Hormuz shipping route.<\/p>\n

Brent crude, the global oil benchmark, was 4% lower at $83.81 (\u00a362.29) a barrel, while US-traded oil was down 4.7% at $80.89.<\/p>\n

Pakistan’s prime minister Shehbaz Sharif said an official signing ceremony would be on Friday, 19 June in Switzerland.<\/p>\n

Iran’s Deputy Foreign Minister Kazem Gharibabadi confirmed in a phone call on state TV that a deal with the US had been finalised, while Trump posted on social media to “let the oil flow!”.<\/p>\n

But Vandana Hari from energy markets analysis firm Vanda Insights said a lack of detail on what has been agreed “is likely to inject unease and uncertainty into the market.”<\/p>\n

This could mean a week of uncertainty and volatility for the oil market, she added.\u00a0The strait had been effectively closed since shortly after the US and Israel launched airstrikes on Iran on 28 February.<\/p>\n

Tehran had threatened to attack vessels using the crucial waterway, through which around 20% of the world’s oil and liquefied natural gas (LNG) normally passes.<\/p>\n

Global energy markets have been on a wild ride in recent months, with prices often rising or falling sharply in response to developments in the US-Israel war with Iran.<\/p>\n

Brent crude, which was trading at around $70 a barrel before the conflict started, peaked at about $120 during the war.\u00a0Energy market experts have also warned that the movement of oil through the strait is unlikely to immediately return to pre-war levels.<\/p>\n

Andrew Lipow from consulting company Lipow Oil Associates said mines would first need to cleared from the waterway, which could take from a few weeks to up to six months.<\/p>\n

He also said there is a large backlog of tankers waiting to use the waterway and that restarting oil production and getting the loading of ships back to normal levels could take weeks.<\/p>\n

Asian stock markets also rose on Monday as investors welcomed the deal.\u00a0Japan’s Nikkei 225 share index was 4.3% higher in morning trade while the Kospi in South Korea was up by more than 5%.<\/p>\n

The region was hit particularly hard by higher energy prices as it is heavily reliant on the Middle East for its oil and LNG supplies.<\/p>\n","protected":false},"excerpt":{"rendered":"

BBC: Oil prices fell in early trade in Asia on Monday after Pakistan, which has been mediating an end to the US-Iran war, announced a deal that President Donald Trump said would see the reopening of the key Strait of Hormuz shipping route. Brent crude, the global oil benchmark, was 4% lower at $83.81 (\u00a362.29) […]<\/p>\n","protected":false},"author":1,"featured_media":5357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-49548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-main-news"],"_links":{"self":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts\/49548"}],"collection":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/comments?post=49548"}],"version-history":[{"count":2,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts\/49548\/revisions"}],"predecessor-version":[{"id":49550,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts\/49548\/revisions\/49550"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/media\/5357"}],"wp:attachment":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/media?parent=49548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/categories?post=49548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/tags?post=49548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}