Oil prices inched lower on Wednesday, June 17, 2026, as investors assessed the United States-Iran peace deal, though uncertainty over the full resumption of shipping through the Strait of Hormuz limited further falls.
Brent crude futures dipped 16 cents, or 0.2%, to $78.80 a barrel by 0340 GMT, while U.S. West Texas Intermediate fell 25 cents, or 0.3%, to $75.80 a barrel.
Both benchmarks fell about 5% for a second straight session on Tuesday to stand at three-month lows, on hopes that a U.S.-Iran deal would allow oil flows through the Strait.
A senior market analyst at Phillip Nova, Priyanka Sachdeva, said: “Markets are broadly stripping out the embedded geopolitical risk premium in oil prices.
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“That said, the path toward normalisation remains far from straightforward. While political agreements may be progressing, physical tanker traffic through the Strait has yet to fully recover.”
The deal would provide for the United States to lift its blockade of Iran’s ports, while Tehran would allow oil tanker traffic through the Strait, effectively blocked since U.S. and Israel strikes on February 28.
“Oil markets retreated on expectations the Strait of Hormuz would reopen following the peace agreement, but traders held off further selling pending details,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment.
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