Brent crude oil deepens losses to -3% due to details of potential agreement

The Iranian semi-official news agency Mehr (citing a source close to the negotiating team), globally published by Bloomberg agency, points to several points of a potential agreement with Iran.

Main assumptions of the draft agreement:

Strait of Hormuz: It will be reopened for shipping traffic within 30 days.
US troop withdrawal: The United States is to withdraw its troops from areas surrounding Iran and lift the naval blockade.
Sanctions and measures: The US will annul sanctions on Iranian oil and unfreeze Iran's frozen funds abroad.
Topics of discussion: Further negotiations will focus exclusively on nuclear and economic issues. Iran's missile program has been completely excluded from the agenda.

It is worth emphasizing that the document is currently a draft version that has not been finalized and requires approval by the authorities of both countries (analysts are skeptical whether the US will accept such large concessions). At the same time, the United States announced the signing of the agreement possibly this weekend in Europe. The details of the de-escalation themselves deepened the drop in oil prices (Brent at its lowest levels since April) and triggered strong increases on stock exchanges in Europe and the US (above 2%).

Brent crude oil is testing local lows from April. Potentially, if the status of the potential agreement holds, there's a chance it could close at its lowest since March. Source: xStation5

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