West Texas Intermediate crude oil falls 8.5% on expectations that the US and Iran will resume negotiations. At 7:00 a.m. this Monday, Brent crude, the European benchmark, fell 4.67% on the London futures market to $83.27 a barrel, its lowest level since early March, days after the start of the conflict in the Middle East.
Global oil prices dropped by around 4% to approximately $83 a barrel on June 15, 2026, after U.S. President Donald Trump announced that a peace agreement had been reached with Iran. The deal—expected to be officially signed on June 19 in Switzerland—includes ending the U.S. naval blockade and reopening the Strait of Hormuz to commercial shipping.
Key Market Reactions
- Brent Crude: Fell roughly 4% to settle near $83 a barrel, its lowest level since March.
- WTI (U.S. Crude): Dropped over 5% to touch around $80 per barrel.
- Global Equities: Asian and European stock markets rallied on the news, as easing energy costs helped calm worldwide inflation fears.
The Fine Print
While the geopolitical de-escalation is providing major short-term relief to the markets, analysts warn that prices may remain volatile. Repairing damaged infrastructure in the Gulf and clearing the Strait of Hormuz of mines will take time, meaning a full return to pre-war oil flows is expected to take several months.
You can track live updates on energy commodities via the CNBC Crude Oil Update or read the full analysis on the BBC News report.
