Oil Prices Should Fall Quickly After Iran Deal, Says French Spokesperson

France's government spokesperson Maud Bregeon expressed optimism for a rapid return to normalcy following an agreement between Iran and the United States, hoping for the swift reopening of the Strait of Hormuz. This development, she stated, should lead to a decrease in oil prices, particularly for Brent crude.

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We have every reason to be optimistic.

"We have every reason to be optimistic," Bregeon said, noting that oil prices had already dropped by 5% that morning. She emphasized that if the agreement holds and the Strait of Hormuz reopens promptly, "we will observe a drop in Brent crude prices and therefore the price per barrel." She added, "We are starting to see it this morning, and that's a very good thing."

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If this agreement is implemented, if the Strait of Hormuz reopens as soon as possible, then we will observe a drop in Brent crude prices and therefore the price per barrel.

Bregeon issued a clear warning to French fuel distributors, stating, "I say something clearly this morning: prices at the pump must reflect the drops in Brent crude prices. [...] The decreases must be as rapid as the increases were," she insisted. She assured that the government maintains "constant dialogue" with distributors on this matter, stressing that "behind this is the purchasing power of the French people, so no one can profit from this crisis."

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We are starting to see it this morning, and that's a very good thing.

While acknowledging that a price drop might take time until the situation in the Middle East stabilizes, the minister reiterated her optimism about both the reopening of the Strait of Hormuz and a "rapid return to normal." She further welcomed the agreement as "very good news for the French who are going on vacation, to fill up their tanks. [...] It's a very good thing for them." Bregeon also confirmed that the government's 100-euro aid for high-mileage drivers would begin disbursing this week to over 700,000 eligible French citizens.

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I say something clearly this morning: prices at the pump must reflect the drops in Brent crude prices. [...] The decreases must be as rapid as the increases were.