Oil prices hit three-month lows

Brent crude oil prices fell $3.58, or 4.10 percent, to $83.75 per barrel at 6:04 a.m. Bangladesh time on Monday (June 15). At the same time, US West Texas Intermediate (WTI) oil prices fell $4.01, or 4.72 percent, to $80.87 per barrel.

Earlier, Pakistan Prime Minister Shehbaz Sharif, the country that brokered the peace deal between Iran and the United States, said that the United States and Iran will sign a memorandum of understanding in Switzerland next Friday (June 19).

Later, in a post on social media, Trump said that the Strait of Hormuz will be open again without any tolls. In addition, the US naval blockade of Iranian ports will also be lifted.

Iran's semi-official Mehr News Agency reported that the Strait of Hormuz would be reopened under Iranian supervision within 30 days under the draft agreement.

"The risk premium that geopolitical risks had added to oil prices is now rapidly decreasing as traders are taking the possibility of normalization of oil supplies seriously," Tim Waterer, chief market analyst at KCM Trade, told Reuters.

About a fifth of the world's oil and liquefied natural gas (LNG) supplies pass through the Strait of Hormuz. The closure of the vital waterway for more than three months due to the war has disrupted the supply of millions of barrels of oil and gas to global markets every day.