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Oil dip fleeting as nations rebuild stocks
Mint Bangalore
|June 17, 2026
Global crude oil prices are unlikely to fall significantly from current levels and could even edge up modestly, despite the impending US-Iran peace deal, analysts and oil industry executives said, as major oil-importing nations rush to rebuild reserves depleted during the West Asia war that disrupted flows through the Strait of Hormuz.
Global crude oil benchmarks hit a three-month low on Tuesday, trading below $80 per barrel, as the US and Iran move to sign a peace agreement on 19 June in Switzerland. Around 6.30pm, the August contract of Brent traded at $79.89, down about 4% from Monday’s close, while the July contract of West Texas Intermediate on the NYMEX fell 4.33% to $77.25 a barrel.
Experts described the slump as an immediate expression of relief following the announcement of the deal, but cautioned that the optimism could fade in the coming days.
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