It could take years for oil prices to return to $67 a barrel. Here’s why.

MarketWatch Monday 15 June 2026, 19:29 UTC By Myra P. Saefong 1 min read

Key Points

The U.S. and Iran have reached a tentative deal to extend their ceasefire by 60 days and reopen the Strait of Hormuz, but it will take an excess of global crude supplies and lower shipping costs for the market to see any semblance of normality.

U.S. (LOCATION) Iran (LOCATION) the Strait of Hormuz (LOCATION)

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It could take years for oil prices to return to $67 a barrel. Here’s why.

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