London, June 15 (SANA)Oil prices fell to their lowest levels in three months following announcements byU.S. President Donald Trumpand Iranian Deputy Foreign Minister Kazem Gharibabadi regarding a preliminary agreement to end the war and resume navigation through the Strait of Hormuz.

On Monday, Brent crude declined by 5.1 percent to $82.86 per barrel, while US West Texas Intermediate crude dropped by 5.8 percent to $79.98, marking their lowest levels since March 10, after losses exceeding 3 percent on Friday.

Pakistani Prime MinisterShehbaz Sharifsaid that the United States and Iran are expected to sign an MoU in Switzerland on Friday, while Trump announced that theStrait of Hormuzwould be reopened and that the U.S. naval blockade on Iranian ports would come to an end.

Iran’s Mehr News Agency also reported that a draft agreement stipulates reopening the strait within 30 days.

Analysts indicated that markets are pricing in expectations of increased oil supplies, with the possibility of continued supply shortages during 2026 if the full resumption of oil flows is delayed. The strait had previously carried around one-fifth of global oil and liquefied natural gas supplies before the war.

Investors are also awaiting the resumption of oil production and exports from Middle Eastern countries affected by the war. Analysts expect Brent crude to stabilize within a range of $75 to $80 per barrel in the future, with potential for further increases.

Gharibabadi confirmed that a broader agreement would be discussed during a 60-day ceasefire period. Meanwhile, Britain, France, Germany, and Italy expressed readiness to lift sanctions on Iran in exchange for steps related to its nuclear program.