The State Duma named the likely range of oil prices in June.

In June, the oil market is likely to maintain high price levels, despite a gradual decrease in geopolitical tensions around the Strait of Hormuz. Alexey Govyrin, a State Duma deputy and member of the State Duma Committee on Small and Medium-sized Enterprises, told Izvestia on June 1.

According to him, Brent crude oil meets the beginning of the month near the $93 per barrel mark, which provides comfortable conditions for exporting countries and allows them to form export budgets with reserves. The spring increase in quotations was associated with risks for supplies through the Strait of Hormuz, through which a significant part of the global maritime oil trade passes.

"Now the background is gradually softening. There are reports about the negotiation process between the United States and Iran, so the premium for geopolitical risk is starting to decrease," said Govyrin.

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According to the parliamentarian, the consensus forecast of the largest market participants for June assumes the movement of Brent in the range from $ 90 to $98 per barrel. At the same time, more sharp fluctuations are possible within the month, up to the level of $ 110 per barrel, due to the continued recovery of production by the countries of the OPEC+ alliance and the continued sensitivity of the market to external factors.

Govyrin stressed that the current price environment remains favorable for Russian exporters. The high cost of oil in dollars, combined with the exchange rate factor, supports the ruble revenues of companies and budget revenues.

In addition, according to him, the situation in the domestic market remains stable: the fuel market is provided with the necessary volumes, and there is no shortage of petroleum products.

"June should be considered as a month of increased volatility while maintaining a high base oil price. For manufacturers, this is more of a window of opportunity than a period of additional risks," the deputy concluded.

World oil prices declined during trading on May 25 amid uncertainty surrounding the negotiations between the United States and Iran to resolve the conflict. As of 09:00 Moscow time, the price of August futures for Brent crude oil decreased by 3.2%, to $95 per barrel. July futures for WTI crude oil fell by 5.26% to $91.52 per barrel.

At the same time, it became known that Washington and Tehran had reached an agreement in principle on reopening the Strait of Hormuz. It was clarified that the terms of the agreement have not yet been finalized, so there is no understanding whether Iran will maintain any control over the strait and to what extent.