Overview
- On Friday, international crude fell sharply with Brent near $79 a barrel and WTI near $76 as markets priced out part of the recent geopolitical premium.
- Reporting ties the correction to a preliminary U.S.–Iran interim agreement and signs of resumed navigation through the Strait of Hormuz that reduced fears of constrained Gulf exports.
- Mexico’s export blend plunged about 33% from mid‑May to June 17 but historical policy and tax rules make immediate, proportional pump‑price cuts unlikely.
- Argentine industry sources and the state firm YPF say retailers may keep prices stable for weeks while they recover margins that built up when crude exceeded roughly $95 a barrel.
- Risks remain that could limit a sustained fall in prices, including Iran’s tighter transit conditions for ships and recent regional air attacks, so further market moves will depend on physical reflow of supplies.