finance
Brent Crude Heads for 30% Quarterly Drop as Hormuz Traffic Recovers
Brent crude prices are on track for a 30.4% decline in the second quarter of 2026, the largest quarterly drop since the first quarter of 2020. The decline follows a U.S.-Iran agreement that allowed tanker traffic through the Strait of Hormuz to resume.
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Brent crude prices fell toward a 30.4% quarterly decline on Tuesday, the steepest drop since the first quarter of 2020 when prices fell 65.5% amid pandemic lockdowns. The decline comes after a U.S.-Iran agreement signed in mid-June that reopened tanker traffic through the Strait of Hormuz.
com reported that both Brent and WTI benchmarks have fallen sharply since the memorandum of understanding was reached.
The quarterly decline of 30.4% marks the largest slump in a quarter since the pandemic-driven crash. Data from the ICE exchange compiled by Bloomberg showed Brent prices on pace for the second-largest quarterly drop in six years.
Background on the Agreement The U.S.-Iran memorandum of understanding calls for continued negotiations toward a potential peace deal by August. Traffic through the Strait of Hormuz has increased since the agreement took effect. OilPrice.com noted that markets have reduced the geopolitical risk premium following the easing of tensions.
