<\/div>\n<\/figure>\n
According to a U.S. official, the memorandum has already been signed by Donald Trump, Vice President Jay D. Vance, and Iranian Parliament Speaker Mohammad Bagher Ghalibaf.<\/p>\n
The official signing ceremony for the agreement is expected to take place on Friday in Geneva.<\/p>\n
Ormuz back in the spotlight
<\/h3>\n
The semi-official Iranian news agency Mehr reported that the draft agreement provides for the reopening of the Strait of Hormuz within 30 days under Iranian management.<\/p>\n
\u201cWith a massive wave of oil supply likely just around the corner, the drop in prices seems entirely justified,\u201d said Dennis Kislier of Bok Financial.<\/p>\n
In yet another sign of de-escalation, Iran\u2019s state-owned National Iranian Oil Company lowered the official selling price of its light crude for Asian buyers to $7.15 above the Oman\/Dubai index for July, down from a $13 premium last month.<\/p>\n
Meanwhile, Citi revised its forecasts for Brent downward, setting the average price at $75 in the third quarter and $70 in the fourth quarter of 2026, estimating that trade flows through the Strait of Hormuz will gradually resume.<\/p>\n
The market expects the return of millions of barrels
<\/h3>\n
The global market has been deprived of millions of barrels of oil and natural gas since the war led to the closure of the Strait of Hormuz for more than three months.<\/p>\n
However, it remains uncertain how quickly these volumes will return to the market.<\/p>\n
\u201cRestoring the supply chain and restarting operations in the Arabian Gulf will be a difficult task. Many shipowners will be reluctant to send ships to the region until there are clear signals from insurance companies,\u201d said Neil Crosby of Sparta Commodities.<\/p>\n
Investors are also watching to see how quickly Middle Eastern producers will be able to restore their production and exports following the damage caused by the conflict.<\/p>\n
According to the International Energy Agency, more than 14 million barrels of daily production remain off the market, a volume corresponding to approximately 14% of global demand.<\/p>\n
Inventories remain low
<\/h3>\n
Despite short-term pressure on prices, several analysts believe there are factors that could support oil prices in the medium term.<\/p>\n
UBS analyst Giovanni Staunovo estimates that low inventories, the slow restart of production, and the need to replenish strategic reserves will continue to provide support for prices.<\/p>\n
According to the U.S. Energy Information Administration, inventories in the world\u2019s largest economies are heading toward their lowest levels since 2003.<\/p>\n
Meanwhile, stocks in the U.S. Strategic Petroleum Reserve fell to 340.3 million barrels, the lowest level since 1983, following a new release of quantities as part of the emergency market supply plan.<\/p>\n
On the diplomatic front, talks on Iran\u2019s nuclear program are expected to mark the next critical stage of negotiations. Meanwhile, the E4 countries\u2014the United Kingdom, France, Germany, and Italy\u2014have stated that they are prepared to consider lifting sanctions against Iran provided there is progress on the nuclear issue.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices plummeted by up to 5% following the U.S.-Iran agreement on the Strait of Hormuz, with Brent falling to a three-month low. Strong pressure …<\/p>\n","protected":false},"author":1,"featured_media":10939,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-10938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"acf":[],"_links":{"self":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts\/10938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10938"}],"version-history":[{"count":0,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts\/10938\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/media\/10939"}],"wp:attachment":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}