New Delhi, July 2 -- surrendering the entire war premium that accumulated when Iran's military operation against Israel shut the Strait of Hormuz in March.

Brent crude ended the second quarter at $71.81 a barrel, down roughly $45 from where it opened the period. That makes it the largest quarterly loss since the 2008 financial crisis, Arab News reported. West Texas Intermediate fell approximately $31 over the same stretch, the biggest three-month decline since 2020. Both benchmarks have given back everything the Iran-Israel conflict added to global oil prices.

What markets are pricing is a ceasefire that has not been formalized into a deal. US and Iranian negotiators reached a preliminary memorandum of understanding in June that guarant...