Brent crude rises 0.90% to over $80 despite Israel-Hezbollah ceasefire

The price of Brent crude oil surpassed $80 per barrel on June 19, 2026, with a 0.90% increase, despite a newly established ceasefire between Israel and the Lebanese Shiite militia Hezbollah. The agreement was intended to reduce military tensions in the Middle East.

Brent crude, the European benchmark, closed at $80.57 per barrel in London's futures market. This rise comes after a significant drop of 7.7% in the previous week. The market is now focused on the sustainability of the peace agreements and the potential normalization of crude oil supply from the region.

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there is some uncertainty in the market about possible new blockages in Hormuz due to the continuous attacks by Israel in Lebanon, but investors expect that, in the short term, today's ceasefire, combined with the Washington and Tehran agreement, will put downward pressure on crude.

Adding to the geopolitical shifts, the United States and Iran electronically signed a memorandum of understanding to cease hostilities and reopen the Strait of Hormuz. This agreement includes a 60-day period for a definitive pact, addressing critical issues like Iran's nuclear program and the lifting of sanctions. U.S. Vice President J.D. Vance stated that American forces had facilitated the passage of numerous vessels and millions of barrels of oil through Hormuz following the agreement.

Market analysts express caution, noting lingering uncertainty about potential disruptions in Hormuz due to ongoing Israeli actions in Lebanon. However, they anticipate that the recent ceasefire and the U.S.-Iran deal could exert downward pressure on crude prices in the short term. Some forecasts suggest a potential decline to pre-war levels of around $70 per barrel in the coming weeks.

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after the signing of the agreement, U.S. forces had allowed the passage of a dozen ships and nearly 12.5 million barrels of oil in Hormuz.