Why did oil prices slide, and what specific development triggered the drop below $80 per barrel for Brent crude?

Oil prices slid because a senior U.S. official announced that the U.S. will waive sanctions on Iranian oil under a deal to end the U.S.-Iran conflict, raising the prospect of millions of additional barrels entering global markets; this development directly triggered Brent crude futures to dive below $80 — the lowest since the opening salvos of the U.S.-Iran conflict in March.

What is the market's current expectation regarding Strait of Hormuz oil flow, and what timeline does HSBC project for full normalization?

Markets are pricing in a relatively high probability of full Strait of Hormuz flow normalisation, according to HSBC senior oil and gas analyst Kim Fustier; however, HSBC expects this full normalization will not occur until the end of September.

Oil Slides on Iran Supply Prospects as Traders Wait on Warsh

Jun 16, 2026

Brent crude futures fell below $80 as U.S. sanctions on Iranian oil may be waived, boosting supply prospects. Investors also monitor Federal Reserve Chair Warsh's debut meeting while bond yields dip and equities remain mixed.

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