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Crude Oil Edges Lower as Deal to Reopen Hormuz Goes Into Effect

Crude Oil Edges Lower as Deal to Reopen Hormuz Goes Into Effect
Bloomberg Markets Wednesday 17 June 2026, 22:03 UTC By Rong Wei Neo 1 min read
Key Points

Crude Oil Edges Lower as Deal to Reopen Hormuz Goes Into Effect Oil edged lower as traders assessed the interim US-Iran peace deal, with state television in the Islamic Republic and a US official saying that the pact had been signed digitally by the nations’ presidents. West Texas Intermediate fell toward $76 a barrel, after a volatile session on Wednesday that ended with US prices slightly higher.

Crude Oil Edges Lower as Deal to Reopen Hormuz Goes Into Effect Oil edged lower as traders assessed the interim US-Iran peace deal, with state television in the Islamic Republic and a US official saying that the pact had been signed digitally by the nations’ presidents. West Texas Intermediate fell toward $76 a barrel, after a volatile session on Wednesday that ended with US prices slightly higher. Brent closed below $80. The deal could free up the flow of millions of barrels from the Middle East as transits through the Strait of Hormuz resume following a dual blockade.
Crude Oil Edges Lower (ORG) US (LOCATION) Iran (LOCATION) the Islamic Republic (LOCATION) West Texas Intermediate (ORG) Brent (PERSON) the Middle East (LOCATION) the Strait of Hormuz (LOCATION)
Originally published by Bloomberg Markets Read original →

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