quarterly drop

Oil prices set for biggest quarterly drop since Covid as markets watch uncertain US-Iran talks

Oil prices are heading for their largest quarterly decline since the Covid-19 pandemic, with Brent and WTI falling around 20% in June. Uncertainty over US-Iran negotiations and a fragile June 17 agreement to secure shipping through the Strait of Hormuz have weighed on markets. Morgan Stanley lowered its 2027 Brent forecast, citing rising OECD inventories and an implied surplus of 4.8 million barrels per day.