{"id":37228,"date":"2026-06-16T11:35:14","date_gmt":"2026-06-16T09:35:14","guid":{"rendered":"https:\/\/www.channelafrica.co.za\/channelafrica\/?post_type=news&#038;p=37228"},"modified":"2026-06-16T11:35:24","modified_gmt":"2026-06-16T09:35:24","slug":"oil-drops-to-fresh-three-month-low-as-markets-weigh-us-iran-peace-deal","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/oil-drops-to-fresh-three-month-low-as-markets-weigh-us-iran-peace-deal\/","title":{"rendered":"Oil drops to fresh three-month low as markets weigh US, Iran peace deal"},"content":{"rendered":"<div>\n<p class=\"x_MsoNormal\">Oil prices \u200bslid to fresh three-month lows on Tuesday as markets weighed prospects for a resumption of supplies through \u200cthe Strait of Hormuz alongside weaker physical demand and scant details on a preliminary deal to end the Iran war.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">Brent crude futures were down $1.44, or 1.7%, at $81.73 a barrel, the lowest since March 10.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">United States (US) West Texas Intermediate was down $1.55, or 1.9%, at $79.20 a \u200bbarrel, also the lowest since March 10.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">Oil prices had already dropped nearly 5% on Monday to their lowest \u200bclose since March 4 after US President Donald Trump said a memorandum of understanding had been \u2060signed to end the US, Israeli war with Iran, though full details have not been released.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">Iranian Foreign Minister Abbas Araqchi said on \u200bTuesday Iran and the US would start a new round of talks in Switzerland on Friday to reach a final \u200bagreement after the start of an interim deal.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">He warned that any Israeli attack on Lebanon or continued presence on Lebanese territory would breach the interim agreement.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">The conflict led to the closure of the Strait of Hormuz, which typically carries about one-fifth of global oil \u200bsupplies.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">&#8211;Reuters&#8211;<\/p>\n<\/div>\n","protected":false},"featured_media":36273,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-37228","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"","published_date":"","news_description":"Oil prices \u200bslid to fresh three-month lows on Tuesday","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/37228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/37228\/revisions"}],"predecessor-version":[{"id":37229,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/37228\/revisions\/37229"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/36273"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=37228"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=37228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}