Brent falls to lowest since March on expected peace deal

Brent crude prices fell 3.37% to $87.33 per barrel and WTI dropped 3.23% to $84.88, both hitting multi-month lows, on growing confidence that a U.S.-Iran peace memorandum could be signed soon, potentially reopening the Strait of Hormuz. OPEC also revised its 2026 world oil demand growth forecast downward to 970,000 bpd from 1.17 million bpd. Goldman Sachs lowered its 2027 average Brent forecast to $80 a barrel, though it expects prices to remain above 2025 averages due to OECD stockpiling and a security premium.