{"id":12626,"date":"2026-06-18T16:07:00","date_gmt":"2026-06-18T12:07:00","guid":{"rendered":"https:\/\/omanet.om\/news\/economy\/oil-price-drops-post-ceasefire-deal\/"},"modified":"2026-06-19T02:44:44","modified_gmt":"2026-06-18T22:44:44","slug":"oil-price-drops-post-ceasefire-deal","status":"publish","type":"post","link":"https:\/\/omanet.om\/en\/news\/economy\/oil-price-drops-post-ceasefire-deal\/","title":{"rendered":"Oil Prices Hit Lowest Since Ceasefire Deal: What This Means for Investors and Businesses in Oman"},"content":{"rendered":"<style>\r\n@keyframes hitv3sog-fadein{from{opacity:0;transform:translateY(14px)}to{opacity:1;transform:translateY(0)}}\r\n@keyframes hitv3sog-slideup{from{opacity:0;transform:translateY(20px)}to{opacity:1;transform:translateY(0)}}\r\n@keyframes hitv3sog-pulse{0%,100%{box-shadow:0 0 14px #dc262688}50%{box-shadow:0 0 32px #dc2626,0 0 60px #dc262655}}\r\n@keyframes 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solid rgba(255,255,255,0.18);backdrop-filter:blur(8px);-webkit-backdrop-filter:blur(8px);border-radius:20px;padding:3px 10px 3px 7px;margin-bottom:clamp(5px,0.6vw,9px);animation:hitv3sog-badge 0.5s ease both;\"><span style=\"display:inline-block;width:6px;height:6px;border-radius:50%;background:#dc2626;flex-shrink:0;\"><\/span><span style=\"font-size:clamp(8px,0.9vw,10px);font-weight:700;letter-spacing:0.07em;color:rgba(255,255,255,0.88);text-transform:uppercase;white-space:nowrap;\">EXCLUSIVE OMAN OFFER<\/span><\/div>\r\n    <div class=\"hitv3sogh\" style=\"animation:hitv3sog-slideup 0.7s ease both;animation-delay:0.15s;\">Websites For <span style=\"color:#dc2626;\">Omani Businesses.<\/span><\/div>\r\n    <div class=\"hitv3sogs\" style=\"animation:hitv3sog-slideup 0.7s ease both;animation-delay:0.3s;\">Empower your brand with custom digital solutions designed for high conversion and market dominance.<\/div>\r\n    <div class=\"hitv3sogbl\"><div class=\"hitv3sogbi\"><span style=\"display:inline-block;width:5px;height:5px;border-radius:50%;background:#dc2626;flex-shrink:0;margin-right:7px;\"><\/span><span>Responsive designs built for growth<\/span><\/div><div class=\"hitv3sogbi\"><span style=\"display:inline-block;width:5px;height:5px;border-radius:50%;background:#dc2626;flex-shrink:0;margin-right:7px;\"><\/span><span>Fast loading with smart automation<\/span><\/div><\/div>\r\n  <\/div>\r\n  \r\n  <div class=\"hitv3sogct\">\r\n    <button class=\"hitv3sogbtn\" style=\"animation:hitv3sog-pulse 2.5s ease-in-out infinite;animation-delay:1s;\">Build Your Free Website <span style=\"opacity:.9;\">\u2192<\/span><\/button>\r\n    <div class=\"hitv3sogbr\">hit.land<\/div>\r\n  <\/div>\r\n<\/a>\r\n<\/div>\n<p>LONDON: Oil prices tumbled nearly 3 percent on Thursday, reaching their lowest levels since the first trading day following the outbreak of the Iran war. This decline was driven by a US-Iran interim agreement aimed at ending the conflict, reopening the Strait of Hormuz, and easing sanctions on Tehran, which collectively improved the outlook for global oil supply.<\/p>\n<p>By 1326 GMT, Brent crude futures had dropped $1.53, or 1.9%, settling at $78.02 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude fell $2.22, or 2.9%, to $74.57 per barrel. Brent crude hit its lowest price since March 2\u2014the first trading day after the initial US-Israeli strikes on Iran\u2014while WTI reached its lowest point since March 4.<\/p>\n<p>Tony Sycamore, an analyst at IG Markets, noted that the energy markets continued to aggressively price in the anticipated rapid return of Iranian oil supplies following the recent US-Iran memorandum of understanding.<\/p>\n<p>On the same day, three Saudi-flagged supertankers carrying a total of 6 million barrels of crude passed through the Strait of Hormuz, shortly after President Donald Trump signed the agreement with Iran to end the war that had disrupted global energy flows.<\/p>\n<p>The memorandum, consisting of 14 points, initiates a 60-day negotiation period during which Iran will allow toll-free passage through the Strait of Hormuz\u2014a crucial shipping route for oil and gas. The deal aims to restore the strait\u2019s traffic capacity to full operation within 30 days.<\/p>\n<p>While the preliminary agreement postpones resolution of more complex issues such as Iran\u2019s nuclear program, it also mandates that the US and its partners develop a $300 billion plan to support Iran\u2019s economic recovery.<\/p>\n<p>Experts anticipate a gradual resumption of oil flow through the Strait of Hormuz, but caution that prices may not collapse sharply due to recovering demand and replenishing inventories. Goldman Sachs projects Gulf oil exports to return to pre-war levels by the end of July, with crude production normalizing by October. The bank estimates a 13 million barrel-per-day increase in Hormuz flows will be necessary to reach approximately 70 percent of pre-war capacity.<\/p>\n<p>BNP Paribas, however, does not foresee a return to pre-war price levels soon, considering $75 per barrel a sustainable price floor given ongoing supply constraints and rising demand. Earlier this year, Brent crude traded between $60 and $70 per barrel before the conflict began.<\/p>\n<p>Meanwhile, China\u2014the world\u2019s second-largest oil consumer\u2014is forecasted to reduce its oil consumption by 4.9% in 2026 compared to 2025, to 753 million metric tons. This decline is attributed to China\u2019s shift toward new energy sources and the impact of high oil prices, according to a report from PetroChina\u2019s research division.<\/p>\n<p>In other developments, Ukrainian drones targeted a major oil refinery in Moscow for the second time this week, a move Kyiv described as showcasing its enhanced military capabilities.<\/p>\n<p>The US-Iran ceasefire has caused global oil prices to fall more than 9% this week alone. Technical analysis suggests further declines are possible, although price movements may be volatile. Analysts highlight that the 10-week moving average, currently at $97.02, acts as a resistance level limiting price recovery. Conversely, the 100-week moving average at $74.78 represents the next possible downside target if selling pressure intensifies.<\/p>\n<p>A rebound above the 10-week moving average would indicate the sell-off has ended and could herald a recovery in prices.<\/p>\n<p>\u2014 Reuters<\/p>\n<p><style>\r\n@keyframes hitl8gak-fadein{from{opacity:0;transform:translateY(14px)}to{opacity:1;transform:translateY(0)}}\r\n@keyframes hitl8gak-slideup{from{opacity:0;transform:translateY(20px)}to{opacity:1;transform:translateY(0)}}\r\n@keyframes hitl8gak-pulse{0%,100%{box-shadow:0 0 14px #dc262688}50%{box-shadow:0 0 32px #dc2626,0 0 60px #dc262655}}\r\n@keyframes hitl8gak-shimmer{0%,100%{opacity:0.3;transform:scaleX(0.4)}50%{opacity:1;transform:scaleX(1)}}\r\n@keyframes hitl8gak-glow{0%,100%{opacity:0.6}50%{opacity:1}}\r\n@keyframes hitl8gak-badge{from{opacity:0;transform:scale(0.8)}to{opacity:1;transform:scale(1)}}\r\n<\/style><style>\r\n.hitl8gakw{container-type:inline-size;width:100%;max-width:970px;margin:0 auto;box-sizing:border-box}\r\n.hitl8gaka{display:flex;flex-direction:row;align-items:center;justify-content:space-between;width:100%;box-sizing:border-box;text-decoration:none;color:#fff;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,system-ui,sans-serif;position:relative;overflow:hidden;cursor:pointer;background:linear-gradient(135deg,#111118 0%,#080808 100%);border:1.5px solid rgba(255,255,255,0.08);border-radius:14px;gap:20px;padding:20px 40px;transition:border-color .2s}\r\n.hitl8gaka:hover{border-color:#dc262688}\r\n.hitl8gakg1{position:absolute;inset:0;background:radial-gradient(ellipse at 50% 0%,rgba(220,38,38,0.35),transparent 65%);pointer-events:none;z-index:0}\r\n.hitl8gakg2{position:absolute;bottom:0;left:0;right:0;height:45%;background:radial-gradient(ellipse at 50% 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solid rgba(255,255,255,0.18);backdrop-filter:blur(8px);-webkit-backdrop-filter:blur(8px);border-radius:20px;padding:3px 10px 3px 7px;margin-bottom:clamp(5px,0.6vw,9px);animation:hitl8gak-badge 0.5s ease both;\"><span style=\"display:inline-block;width:6px;height:6px;border-radius:50%;background:#dc2626;flex-shrink:0;\"><\/span><span style=\"font-size:clamp(8px,0.9vw,10px);font-weight:700;letter-spacing:0.07em;color:rgba(255,255,255,0.88);text-transform:uppercase;white-space:nowrap;\">EXCLUSIVE OFFER<\/span><\/div>\r\n    <div class=\"hitl8gakh\" style=\"animation:hitl8gak-slideup 0.7s ease both;animation-delay:0.15s;\">Your Website <span style=\"color:#dc2626;\">Should Sell.<\/span><\/div>\r\n    <div class=\"hitl8gaks\" style=\"animation:hitl8gak-slideup 0.7s ease both;animation-delay:0.3s;\">Custom-built websites with smart automation & AI-powered features.<\/div>\r\n    <div class=\"hitl8gakbl\"><div class=\"hitl8gakbi\"><span style=\"display:inline-block;width:5px;height:5px;border-radius:50%;background:#dc2626;flex-shrink:0;margin-right:7px;\"><\/span><span>SEO-optimized & lightning fast<\/span><\/div><div class=\"hitl8gakbi\"><span style=\"display:inline-block;width:5px;height:5px;border-radius:50%;background:#dc2626;flex-shrink:0;margin-right:7px;\"><\/span><span>Smart features built for your business<\/span><\/div><\/div>\r\n  <\/div>\r\n  \r\n  <div class=\"hitl8gakct\">\r\n    <button class=\"hitl8gakbtn\" style=\"animation:hitl8gak-pulse 2.5s ease-in-out infinite;animation-delay:1s;\">Get Free Consultation <span style=\"opacity:.9;\">\u2192<\/span><\/button>\r\n    <div class=\"hitl8gakbr\">hit.land<\/div>\r\n  <\/div>\r\n<\/a>\r\n<\/div><br \/>\n<\/p>\n<p>Special Analysis by Omanet | Navigate Oman&#8217;s Market<\/p>\n<p>The US-Iran interim deal and the reopening of the Strait of Hormuz <strong>signal a likely increase in oil supply<\/strong>, putting downward pressure on prices and potentially stabilizing the market around $75 per barrel. For businesses in Oman, this <strong>creates opportunities to leverage more predictable energy costs<\/strong>, but also risks slimmer profit margins for oil-dependent sectors. Smart investors and entrepreneurs should <strong>consider diversifying portfolios and investing in energy efficiency and alternative energy technologies<\/strong> to mitigate risks from volatile oil prices and evolving market dynamics.<\/p>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices dropped nearly 3% to their lowest since the Iran war&#8217;s start, as a US-Iran interim deal to end conflict and reopen the Strait of Hormuz eased supply concerns. Brent crude fell to $78.02\/barrel, WTI to $74.57, amid expectations of a faster return of Iranian oil.<\/p>\n","protected":false},"author":2,"featured_media":12627,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[482],"tags":[328,3692,5370],"class_list":["post-12626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-oil-prices","tag-strait-of-hormuz","tag-us-iran-deal"],"jetpack_featured_media_url":"https:\/\/omanet.om\/wp-content\/uploads\/2026\/06\/3420734.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/posts\/12626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/comments?post=12626"}],"version-history":[{"count":1,"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/posts\/12626\/revisions"}],"predecessor-version":[{"id":12628,"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/posts\/12626\/revisions\/12628"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/media\/12627"}],"wp:attachment":[{"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/media?parent=12626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/categories?post=12626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/tags?post=12626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}