Oil Prices Have Surpassed The Psychological Threshold
- 17.06.2026, 10:40
Having fallen below $80 per barrel.
Oil prices fell on Wednesday, June 17, continuing the decline from the previous session. Investors are assessing the implications of the peace agreement between the U.S. and Iran, although uncertainty remains regarding the full resumption of shipping through the Strait of Hormuz is holding back further declines in oil prices.
According to Reuters, Brent crude futures fell by 16 cents, or 0.2%, to $78.80 per barrel. U.S. WTI crude lost 25 cents, or 0.3%, falling to $75.80 per barrel.
The previous day, both benchmark grades fell by about 5% for the second consecutive session, hitting their lowest levels in the past three months. The market reacted to expectations that an agreement between Washington and Tehran would allow oil shipments through the Strait of Hormuz to resume.
The agreement calls for Washington to lift its blockade of Iranian ports, while Tehran must ensure the passage of oil tankers through the Strait of Hormuz, which had effectively been blocked following U.S. and Israeli strikes on February 28.
Hiroyuki Kikukawa, chief strategist at the investment division of Nissan Securities Investment , noted that the market reacted with falling prices due to expectations that the strait would reopen, but traders are refraining from new large-scale sales until further details of the agreements emerge.
In his assessment, the price of WTI may remain volatile in the near term, fluctuating around $80 per barrel with a range of about $10 in either direction.
The publication noted that details of the temporary peace agreement began to emerge on June 16. U.S. President Donald Trump stated that it would prevent Iran from developing nuclear weapons, and one U.S. official reported that Tehran would be able to resume oil exports after the document is signed.
However, industry representatives warn that a return to pre-war levels of oil production and refining could take anywhere from several weeks to several months or even years. Israel’s stance adds further uncertainty, as it has distanced itself from both the April ceasefire and the new agreement between the U.S. and Iran.