NEW YORK, June 16 Oil prices fell about 5% to a three-month low on Tuesday as traders hoped the U.S. and Iran would agree to end the war and allow oil to flow through the Strait of Hormuz.
Prices, which were already down about 4% Tuesday morning, extended those losses following a Wall Street Journal report that the U.S. would allow Iran to immediately begin selling oil and fuel under the memorandum of understanding
Brent crude futures fell $4.25, or 5.1%, to $78.92 a barrel at 12:02 p.m. ET (1602 GMT). U.S.
West Texas Intermediate crude fell $4.80, or 5.9%, to $75.95. The drop put Brent on track for its lowest close since March 2 and kept it in technically oversold territory for a third day in a row for the first time since October 2025. WTI was on track for its lowest close since March 4.