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Crude Oil 2026-06-16T12:18:09.000Z

By Stephanie Kelly and Anushree Mukherjee June 16 (Reuters) - Oil prices fell nearly 3% on Tuesday to a fresh three-month low as markets weighed prospects for a resumption of supplies through the Strait of Hormuz alongside weaker physical demand and ‌scant details on a preliminary deal to end the Iran war. Brent crude futures were down $2.48, or about 3%, at $80.69 a ‌barrel by 1205 GMT. The benchmark fell as far as $80.62 per barrel, the lowest since March 4. U.S. West Texas Intermediate was down $2.48, or 3.1%, at $78.27 a barrel, after dropping ​to $78.14, the lowest since March 10. Both contracts fell for a fourth straight session. Oil prices sank nearly 5% on Monday after U.S. President Donald Trump announced an interim deal to end the U.S.-Israeli war with Iran, though full details h

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