Deutsche Bank’s Jim Reid and colleagues note that Brent Oil has extended its decline as markets react to reports of a 14‑point US–Iran peace framework, including waivers for Iranian exports and reopening of the Strait of Hormuz. Brent has fallen to around $78/bbl, a three‑month low, helping investors price out stagflation risks and boosting European assets sensitive to energy prices.

Brent slides on US–Iran framework

“The latest overnight was a reported 14-point US–Iran peace framework (reported by Bloomberg) outlining a broad de-escalation package centred on a permanent ceasefire, the lifting of the US naval blockade and the reopening of the Strait of Hormuz with traffic targeted to return to pre-war levels within ~30 days.”

“Oil continues to edge lower overnight (Brent -0.42% to $78.61/bbl) after a big fall yesterday with Asian equities relatively quiet.”

“The main global catalyst was the US-Iran headlines, with Brent crude (-5.06%) posting a fourth consecutive decline as the two sides prepared to sign the memorandum of understanding this Friday.”

“Indeed, Brent hit a three-month low of $78.43/bbl, which in turn has seen investors increasingly price out the chance of stagflation this year.”

“Indeed we saw rising evidence of the US easing its blockade yesterday with Iranian tankers sailing through it with active location trackers for the first time since April.”

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