Oil Falls to 3-Month Low as Markets Await Details of US–Iran Peace Deal Oil prices experienced a significant drop, reaching their lowest levels in over three months on June 16. Brent crude futures fell below $80 a barrel for the first time since March 3, while U.S. West Texas Intermediate also saw a substantial decrease, hitting its lowest point since March 10. This decline occurred as traders considered the possibility of renewed energy flows through the Strait of Hormuz alongside ongoing diplomatic efforts.

• Oil prices reached their lowest levels in over three months on June 16.
• Brent crude futures fell to $79.97 a barrel, dipping below $80 for the first time since March 3.
• U.S. West Texas Intermediate futures dropped to $77.23 a barrel, their lowest point since March 10.
• Market activity was influenced by expectations of potential energy flow increases through the Strait of Hormuz and diplomatic negotiations.
• Prior to the war’s start on February 28, both Brent and WTI futures traded between approximately $65 and $70 per barrel.