Oil Prices Head for Biggest Quarterly Drop Since Pandemic

AI Summary

Oil prices are experiencing the largest quarterly drop since the pandemic, with Brent crude falling roughly 30%. This decline follows tentative reopening of traffic through the Strait of Hormuz after a U.S.-Iran deal easing tensions.

As traffic through the Strait of Hormuz tentatively reopens following the U.S.-Iran deal to make a deal, oil prices on Tuesday were on track to post a 20% monthly decline and a 30% quarterly plunge in the biggest slump in a quarter since the pandemic-driven crash in prices. In the first quarter of 2020, Brent Crude prices plummeted by 65.5% as the world entered into lockdowns and road transport and industrial fuel demand crashed. The next steepest decline since then was registered in the quarter ending on Tuesday, with quarterly Brent prices slumping…