Crude oil price steadies after biggest drop in two weeks; Morgan Stanley cuts forecast (opens original article in a new tab)

Crude oil prices stabilized after their biggest drop in two weeks, with Brent and WTI crude rising slightly amid concerns over the US-Iran peace deal and delayed Strait of Hormuz oil flow restoration. Morgan Stanley lowered its oil price forecasts for the coming quarters.

• Crude oil prices steadied after a two-week drop due to concerns over a US-Iran peace deal's details and delayed restoration of oil flows through the Strait of Hormuz.
• Morgan Stanley cut its oil price forecasts, expecting Dated Brent crude to average $90 per barrel in July-September, down from $100, and $80 in the fourth quarter.
• Brent crude futures rose 0.3% to $83.42 per barrel, while WTI crude gained 0.3% to $81.12 per barrel after their biggest fall in two weeks.