Oil prices expected to stay high for months despite potential US-Iran deal
By
The Economist
Soggy bottom. Skim the top, leave the rest on the tray.
Summary
The article discusses a potential memorandum of understanding between the US and Iran, announced by Donald Trump, which would lift the US Navy's blockade of Iranian ports and reopen the Strait of Hormuz within 30 days. This could restore 15-20% of global oil and LNG supply. However, the deal is not yet finalized and could be derailed by disagreements. The article emphasizes that even if the deal goes through, oil prices will remain high for months, and the pre-war days of $60 crude are not returning soon.
Key quotes
· 4 pulledIT SHOULD BE a moment of huge relief for global energy markets.
A memorandum of understanding (MoU) between America and Iran announced by Donald Trump on June 14th calls for the lifting of the US Navy's blockade of Iranian ports and reopening the Strait of Hormuz within 30 days.
Although the MoU has yet to be formally signed, and the deal could be derailed by skirmishes or disagreements
The pre-war days of $60 crude are not coming back soon
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