Oil prices hit three-month low — but tanker bosses remain cautious on Hormuz transit

Oil prices fell to their lowest level in three months on Tuesday, following Monday's sharp sell-off, as investors continue to await further details on the U.S.-Iran agreement to bring the Middle East conflict to an end. Brent crude futures, the international price benchmark, were 1.25% lower at $82.13 as of 4:00 a.m. ET. U.S. West Texas Intermediate futures for July delivery fell below $80, sliding 1.41% to $79.67. Oil futures had ticked slightly higher overnight before reversing course, having fallen to their lowest level since March 4 in the previous session. The volatility reflects the lingering uncertainty over the full terms of the peace framework agreed between the U.S. and Iran . Stock Chart Icon Stock chart icon Brent crude. The push to resolve the war will dominate discussions at the G7 leaders in Évian-les-Bains, France, starting today, with further details of the memorandum of understanding expected to be released later this week. Tanker bosses remain cautious on Hormuz transit Washington and Tehran had earlier reached a provisional agreement on Sunday, which would extend the U.S.-Iran ceasefire for 60 days and reopen the Strait of Hormuz to all shipping. Arriving at the G7 meeting, President Donald Trump said the peace framework with Iran has been signed, adding that the Strait of Hormuz will "completely reopen" on Friday, free of Iranian tolls. Trump said a formal signing ceremony would take place on Friday in Geneva. …