Oil prices declined by around another four percent on Tuesday, June 16, reaching their lowest level in the past three months.
Markets were assessing the prospects of a resumption of oil supplies through the Strait of Hormuz, amid weak physical demand and a lack of details regarding the preliminary agreement to end the war with Iran.
According to Reuters, Brent crude futures fell by $3.20, or 3.85 percent, to $79.97 per barrel.
The benchmark had earlier dropped to as low as $79.61 per barrel, its lowest level since March 3, marking the first time since that date that Brent had fallen below $80 per barrel.
U.S. West Texas Intermediate (WTI) crude also declined by $3.52, or 4.36 percent, to $77.23 per barrel. Its intraday low of $76.88 was the weakest level since March 10.
Before the outbreak of the war on February 28, 2026, Brent and West Texas Intermediate crude futures had been trading in the range of $65 to $70 per barrel.
Oil prices had also fallen by nearly five percent on Monday after Donald Trump, the President of the United States, announced a temporary agreement to end the war with Iran, although the full details of the agreement have not yet been released.
Abbas Araghchi, Iran's Foreign Minister, said on Tuesday that Tehran and Washington would begin a new round of negotiations in Switzerland on Friday, June 19, in an effort to reach a final agreement.
