Oil prices fell sharply on Thursday as easing geopolitical tensions raised expectations for a swift end to the 110-day conflict between the United States and Iran.
Brent crude futures dropped 2.4% to $77.61 a barrel, moving closer to their lowest levels since early March, as traders weighed the International Energy Agency’s warning of a potential supply surplus and the prospect of the Strait of Hormuz reopening. July WTI crude futures declined 2.7% to $74.71.
The released text of the memorandum of understanding reached over the weekend calls for an immediate and permanent halt to military operations on all fronts, including Lebanon, the reopening of the Strait of Hormuz, and the lifting of the U.S. naval blockade against Iran.
Iran has agreed to downblend its stockpile of highly enriched uranium, a step a senior official described as a significant concession. Sanctions relief is tied to the nuclear settlement.
Iran will receive immediate waivers for crude oil exports, petroleum products, and related banking services upon signing the agreement.
Israel was not a party to the negotiations or the memorandum. Technical details are expected to be resolved during a 60-day negotiating period beginning after the scheduled signing ceremony in Switzerland on Friday.
President Donald Trump warned that he would resume attacks and target Iranian officials if Tehran failed to honor its commitments.
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- Polish Authorities Detain Suspect in Fatal Shooting of Anti-Putin Artist A suspect has been detained in connection with the fatal shooting of a Russian national and prominent critic of Russian and Soviet regimes earlier this week, Prime Minister Donald Tusk announced Thursday. The homicide of an artist known for his opposition to Russian, Soviet, and Chechen leaderships occurs amid heightened geopolitical tensions following Russia’s invasion of Ukraine. This incident marks another high-profile targeting of opposition figures or dissidents across NATO countries, including victims in Lithuania, Britain, and Berlin. What did Tusk say about the arrest on Thursday? Tusk reported that Polish police and the Internal Security Agency (ABW) collaborated to detain the suspect, who reportedly used a Georgian passport. Authorities are investigating the origin of potential orders linked to the killing. “Tusk indicated that police and Poland’s Internal Security Agency (ABW) coordinated the arrest of the individual reckoned to be responsible for the murder. They mentioned that he is using a Georgian passport. The investigation aims to determine where the order for the killing came from,” he stated online. Tusk further characterized the killing as a “political murder.” He warned that if Russia was behind the act, it would constitute a “very serious matter with an international dimension.” Lublin authorities revealed the seized passport belonged to a 36-year-old man. Thursday’s arrest follows the detention of two Belarusian suspects who remain uncharged. What do we know about the crime? Prosecutors disclosed that the victim, Robert Kuzovkov—better known by his artistic pseudonym Semyon Skrepetski—was fatally shot five times, once in the head, on Tuesday in Biała Podlaska, a town northeast of Warsaw near the Ukraine border. The assailant reportedly approached the victim after an initial volley of shots, firing two additional rounds at close range. Investigators found Skrepetsky’s body with five bullet wounds. Image: Wojtek Jargilo/PAP/dpa/picture alliance Deputy Minister of Foreign Affairs Wladysław Bartoszewski suggested Chechen operatives might be implicated, citing Skrepetski’s frequent critiques of Chechen leader Ramzan Kadyrov. Who was Semyon Skrepetski? Skrepetski gained notoriety for provocative satirical works mocking Vladimir Putin, Belarusian President Alexander Lukashenko, Soviet leader Joseph Stalin, and Chechen chief Kadyrov. He also caricatured Russian opposition figures like Alexei Navalny. Born in Russia’s Altai Republic, he had lived in Poland since 2021, where the government provided a protective detail—a measure he declined to accept. Three days before his death, Skrepetski attended Russia Day in Berlin, staging a protest outside the Russian embassy with a dual iconography of Stalin and Putin. The assassination coincides with a wave of politically motivated killings across NATO states tied to Russian elites. Recent examples include a Chechen rebel killed in Berlin (2019) and defector Sergei Skripal’s poisoning in the UK (2018). The Kremlin has consistently denied involvement in such incidents. If you trust independent journalism, consider selecting us as your primary news source on Google to access our reports directly. Edited by: Zac Crellin
