Oil Drops on Hormuz Resolution While Gold Holds $4,000
The U.S.-Iran memorandum of understanding signed June 18 reopened the Strait of Hormuz and reset the oil market's supply math. WTI crude (CL=F) sits at $79.19/bbl as tanker traffic resumes through the strait, and the EIA's July Short-Term Energy Outlook now forecasts Brent averaging $74/b in Q3 2026, down $27/b from last month's forecast. Gold futures (GC=F) are at $4,037/oz (+0.78%), clinging to a level that has become the focal point of the metals market after a steep slide from a $5,586 52-week high. Key Takeaways WTI crude is at $79.19/bbl; the EIA now forecasts Brent at $74/b in Q3 2026, down $27/b from last month, following the U.S.-Iran MOU signed June 18 that reopened the Strait of H…
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