Oil prices drift lower
08:55, 18 June 2026
Oil prices retreated after a recent rally sparked by fears of supply disruptions in the Middle East, as investors monitored indications of easing regional tensions and smoother shipping activity through the Strait of Hormuz, WAM reported.
Brent crude futures fell by 89 cents, or 1.12 percent, to US$78.66 a barrel.
US West Texas Intermediate (WTI) crude futures declined by 98 cents, or 1.28 percent, to US$75.81 a barrel.
Earlier, Iranian Foreign Ministry spokesperson Esmaeil Baghaei announced that Masoud Pezeshkian and Donald Trump had signed the memorandum of understanding. According to him, the document was signed remotely.