The Globe and Mail reports in its Wednesday, June 17, edition that oil markets are reversing the war-risk premiums that surged benchmark prices after the Iran war began in late February, disrupting shipping in a key waterway for 20 per cent of the world's oil and gas supply. The Globe's Sophia Bertuzzi writes that crude benchmarks Brent and U.S. West Texas Intermediate continued to slide Tuesday, dropping more than 4 per cent and hitting three-month lows, after losing nearly 5 per cent on Monday. Markets are betting on lasting peace from the U.S.-Iran agreement, but uncertainty clouds oil's outlook due to unknown details of the upcoming memorandum of understanding. President Trump said the deal would reopen the strait and lift the U.S. naval blockade of Iranian ports, set to take effect after Friday's signing in Geneva. Iran's Foreign Minister said that after the agreement is signed, Iran and the U.S. will begin new negotiations for a more comprehensive agreement in 60 days. National Bank economist Stefane Marion said he expects oil to hover near the $80 (U.S.) mark, cautioning that the market remains well above prewar prices and that it will take time for prices to stabilize at lower levels.