U.S.–Iran 14-point MoU bolsters oil’s floor even as Brent slips below $80 a barrel

The United States and Iran have signed a 14-point Memorandum of Understanding, committing to negotiate a final agreement within a “maximum” of 60 days, and Iran pledged to use its best efforts to ensure safe passage through the Strait of Hormuz. Markets have traded the near-term peace narrative, with Brent crude sliding below $80 per barrel. The IEA says global inventories are at historic lows, including OECD government stocks at their lowest since 1990, which could steer 2027 supply growth toward refilling depleted stockpiles. Together with seasonal demand improvement, those factors are seen supporting a new floor above the $60–70 per barrel range.