Oil Falls Near Two-Month Low as US-Iran Deal Nears

Last updated Jun 13, 2026

Oil prices fell more than 4% on Friday, nearing their lowest level in almost two months, as news of an imminent US-Iran agreement eased concerns about an escalation of hostilities following an exchange of attacks this week.

Brent crude futures fell $3.81, or 4.22%, to $86.57 a barrel, while US West Texas Intermediate crude futures dropped $3.80, or 4.33%, to $83.91. Both benchmarks reached their lowest levels since April 17, according to Reuters.

Tehran clarifies the path of the “understandings”: Hormuz will not return to its former state, and Lebanon is part of the agreement.

The Lebanese resistance shakes the foundations of the occupation with a barrage of missiles and drones, and the enemy admits to 843 casualties among its ranks.