After a sharp rise in global markets in recent days, Brent crude oil prices have fallen back below $90 per barrel. Brent dropped 6.15% in yesterday's trading, closing at $89.15, and today it hovered near $89.
This marks the first time since April 17 that Brent crude has tested below the $90 threshold. This movement indicates a significant easing of the risk premium that had increased due to recent Middle East-centered developments.
Expectations Between US and Iran Pull Prices Down
Earlier this week, rising tensions between the US and Iran pushed oil prices up to $98 on Monday. However, subsequent messages shifted market direction.
US President Donald Trump stated that negotiations are nearing completion and that an agreement including the Strait of Hormuz is close. The White House's decision to postpone planned attacks on Iran further strengthened the downward trend.
These developments eased investors' risk perception, reducing the upward pressure on oil prices caused by concerns over war, sanctions, and supply.
Fuel Price Reduction Expectations Rise
The sharp decline in oil prices has also changed expectations for fuel prices in the domestic market. Industry experts say that if Brent crude remains at or below $90, discounts at the pump could be introduced.
As of June 12, the price per liter of gasoline in Istanbul's European side is 62.99 lira, while diesel is priced at 66.36 lira per liter.
Focus on the Strait of Hormuz
Markets are now focused on whether the Strait of Hormuz, through which about 20% of the world’s oil supply passes, will be fully reopened. Developments in this area are expected to be decisive for the direction of oil and fuel prices in the coming days.
