Crude Falls to 3-Month Low on US-Iran Deal Hopes

2026-06-16 11:12 By Agna Gabriel 1 min. read

Crude oil fell more than 3% to below $78 per barrel on Tuesday, following a 4.9% decline on Monday, extending losses for a fourth consecutive session and reaching the lowest level since early March.

Prices are heading toward their longest losing streak of the year as the expected US-Iran agreement to reopen the Strait of Hormuz raised expectations of recovering supply flows.

An interim deal is expected to be signed in Switzerland on Friday, although both sides have yet to publish the details of the agreement.

Despite optimism, uncertainty remains over how the deal will be implemented, including shipping security, operating conditions and whether Hormuz will reopen fully.

The effective closure of the strait has reduced regional exports and contributed to falling global inventories.

US emergency crude reserves have dropped to their lowest level since 1983.



News Stream
Crude Oil WTI is down by 4.01%
Crude Oil WTI decreased 4.01% to 77.509 USD/Bbl
2026-06-16
Crude Falls to 3-Month Low on US-Iran Deal Hopes
Crude oil fell more than 3% to below $78 per barrel on Tuesday, following a 4.9% decline on Monday, extending losses for a fourth consecutive session and reaching the lowest level since early March. Prices are heading toward their longest losing streak of the year as the expected US-Iran agreement to reopen the Strait of Hormuz raised expectations of recovering supply flows. An interim deal is expected to be signed in Switzerland on Friday, although both sides have yet to publish the details of the agreement. Despite optimism, uncertainty remains over how the deal will be implemented, including shipping security, operating conditions and whether Hormuz will reopen fully. The effective closure of the strait has reduced regional exports and contributed to falling global inventories. US emergency crude reserves have dropped to their lowest level since 1983.
2026-06-16
Oil Extends Fall as Markets Await US-Iran Deal
Crude oil fell below $80 per barrel on Tuesday, extending losses from the previous session as investors awaited further details of the reported US-Iran peace agreement that could reopen the Strait of Hormuz. The interim accord is expected to be signed in Switzerland on Friday, with President Donald Trump saying the free flow of oil from the Persian Gulf would resume once the deal takes effect. However, neither Washington nor Tehran has released the text of the memorandum of understanding, leaving markets cautious and prompting shipping companies to delay sending vessels through the route until greater clarity emerges. Oil markets have been heavily disrupted since the conflict began in late February, with the near-closure of the Strait of Hormuz affecting roughly one-fifth of global crude shipments.
2026-06-15