Oil prices fell more than 5%, with Brent crude closing below $79 a barrel for the first time in three months.

The July contract of WTI crude oil negotiated in New York Mercantile Exchange (Nymex) closed this Tuesday (12) with a significant drop of 5.25%, quoted at US$ 75.72/barrel. The August contract for Brent fell 5.06% in Intercontinental Exchange (ICE), trading at US$78.96/barrel. 

In this trading session, fuel prices remained under pressure due to investor reaction to recent progress toward peace in the Persian Gulf. US President Donald Trump stated that a memorandum of understanding with Iran will be signed and said that the Persian country will not have nuclear weapons. 

Among the details of the agreement between the US and Iran is the full reopening of the Strait of Hormuz.

“This is a goal-oriented agreement,” a U.S. official told Reuters. “Iran will only be able to access the benefits of the memorandum of understanding if it fulfills all the agreed points – including renouncing nuclear weapons, neutralizing its enriched material, and non-interference with free maritime traffic in the Strait of Hormuz,” he concluded.

This text was translated by machine from Brazilian Portuguese.