Domestic Fuel Prices To Ease Gradually After Hormuz Reopening – Marketers

The planned reopening of the Strait of Hormuz will not bring immediate relief to petrol prices, marketers and analysts warned on Monday.
The United States and Iran have reportedly reached an agreement on reopening the Strait of Hormuz, a preliminary framework aimed at ending more than 100 days of conflict, lifting blockades and restoring global maritime trade.
Announcing the Memorandum of Understanding (MoU) on June 14, 2026, US President Donald Trump said the agreement would immediately reopen the strategic oil shipping corridor.
Reacting to the anticipated reopening, crude oil prices fell sharply on Monday.
Brent crude dropped to $83.17 per barrel, while US West Texas Intermedia...