Oil Prices Drop 20% in June as US‑Iran Ceasefire Boosts Supply, Pressuring Dollar and Gold

Crude oil prices fell sharply in June, with WTI closing at $69.50 a barrel and Brent at $72.95, marking a 20 % monthly decline and the worst quarterly slide since 2020. The drop follows a tentative cease‑fire between the United States and Iran that has allowed Iranian exports of roughly 50 million barrels, expanding global supply. Traders note that the market is treating this temporary truce as a more permanent easing, despite ongoing political tensions in the Strait of Hormuz.

The oil slump coincided with modest moves in currency and precious‑metal markets. The Brazilian real‑dollar rate edged lower, the dollar slipping to R$5.16 after a brief correction, while posting a 2.38 % monthly gain against the real and a 5.94 % depreciation over the first half of the year. Gold prices also weakened, ending June down about 12 % month‑on‑month and posting its worst quarterly performance since 2013, as a stronger dollar and expectations of prolonged high interest rates curbed demand for the safe‑haven metal.

These developments reflect broader market reactions to the latest US‑Iran diplomatic talks in Doha, which have kept investors cautious amid mixed signals from the Federal Reserve and fluctuating energy prices.