Oil Prices Decline Amid Uncertainty Over Iran Agreement Details

Oil prices continued their downward trend on Tuesday as markets balanced the prospects of resuming supplies through the Strait of Hormuz against the absence of detailed information regarding a preliminary agreement to end the war involving Iran.

By 09:35 Moscow time, the futures contract for West Texas Intermediate crude oil for July delivery had declined by 0.33% to $80.48 per barrel.

Meanwhile, Brent crude oil futures for August delivery dropped by 0.53% to $82.73 per barrel.

On Monday, prices fell approximately 5%, reaching their lowest settlement level since March 4, 2026, following U.S. President Donald Trump's announcement of signing a memorandum of understanding aimed at ending the war with Iran. However, full details of the memorandum were not disclosed.

The conflict had led to the closure of the Strait of Hormuz, which before the war facilitated about 20% of the world’s oil and liquefied natural gas supplies.

Some analysts anticipate that supplies through the strait will resume soon, although other factors are exerting downward pressure on spot market prices.

Analysts from Morgan Stanley stated in a note to clients that "it is likely to take several weeks to resume the flow of oil tankers." They added, "We expect 50 percent of production to return by September, and 80 percent by December, which is a slightly faster pace than previously expected."