Will Brent Crude close below $80 per barrel any day this week given the Hormuz opening? ~$83 now.
60% of users predicted YES — the community got this one right. 35 predictions cast.
Brent crude fell below $80 per barrel for the first time since March 2026, closing at approximately $78.96 on June 16, following news that the United States would allow Iran to resume oil sales immediately upon signing the ceasefire agreement. Prices continued to decline through midweek, with Brent sliding for a fifth consecutive session as markets priced in the prospect of increased Iranian supply.
The drop was triggered directly by the U.S.-Iran ceasefire framework announced over the weekend, which included the reopening of the Strait of Hormuz to all maritime traffic. The Strait, through which roughly 20 percent of global oil trade flows, had been partially disrupted during the conflict, contributing to elevated crude prices in recent months.
The anticipated formal signing of the deal on Friday further reinforced bearish sentiment in oil markets, as traders positioned for the return of Iranian barrels to global supply. About 60 percent of Predict Six participants correctly forecast Brent would breach the $80 threshold during the week — a prediction that was validated before the week was halfway over.