Oil Heads for 9% Weekly Loss as Hormuz Traffic Resumes After Deal

Oil prices extended losses through June 19, with WTI near $76 and Brent around $79, on track for a 9-10% weekly drop. The selloff accelerated after the U.S.-Iran ceasefire deal mid-week triggered rapid normalization expectations for the Strait of Hormuz, sending both benchmarks to three-month lows. Goldman Sachs cut its Q4 Brent forecast to $80 while physical data showed mixed support from U.S. inventory draws; traders now await confirmation of sustained tanker flows as supply concerns ease. Prices have fallen sharply from pre-deal levels above $83 as markets price in restored Gulf exports by end-July.