Crude oil price falls below $75 per barrel
On Thursday, June 18, the price of crude oil on international markets fell below $75 per barrel, responding to US President Donald Trump’s signing of a memorandum of understanding with Iran in Versailles.
According to Trading Economics, the current price level is the lowest since early March, when, against the backdrop of the active phase of the war in the Middle East, the cost of raw materials sharply increased from about $65 to over $110 at its peak.
The drop in the price tag for black gold is due to the fact that the first ships began to leave the Persian Gulf through the Strait of Hormuz, which should be a free shipping zone for a period of 60 days of technical negotiations between the US and Iran. After this period, Tehran expects to gain control over the international route and charge ships for passage.
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