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Brent Crude Falls to $78.31, a Three-Month Low, Amid U.S.-Iran Interim Deal and Rising Strait of Hormuz Flows
Brent oil posted an unusually sharp one-day drop of 4.8% to $84.36 on June 15, 2026, falling from $88.64 just three days earlier.
BRENT OIL vs BRENT OIL Change
Fixed windowBrent crude's 4.8% drop to $84.36 on June 15, 2026 was followed by another sharp selloff on June 16, when Reuters reported Brent futures fell about 5% to roughly $78.92 a barrel, a three-month low, as traders focused on details of an interim U.S.-Iran agreement aimed at ending the war and reopening the Strait of Hormuz. On June 19, Reuters reported tanker traffic had begun moving through the strait after the interim deal was signed, with Brent near $78.31 in early trading.
The International Energy Agency said on June 17 that global oil demand is now expected to fall by 1.1 million barrels a day in 2026, a 700,000 bpd downgrade from its May view, while global supply is projected to fall by 3.9 million bpd this year to 102.4 million bpd before rebounding by 8 million bpd in 2027. The agency said flows through the Strait of Hormuz had already risen in early June to around 12 million bpd from a May low of 9.6 million bpd, but added that mines and supply-chain disruptions could delay a full recovery. The same report said global observed oil stocks fell by 143 million barrels in May and have been drawing at an average pace of 3.8 million bpd since the start of the Gulf conflict.
U.S. Energy Information Administration data released on June 17 showed commercial crude inventories fell by 8.3 million barrels in the week ended June 12 to 418.2 million barrels, while total commercial petroleum inventories fell by 7.9 million barrels. The report also showed crude refinery inputs averaged 17.2 million bpd and refineries operated at 96.7% of capacity. Separately, OPEC said on June 16 that seven OPEC+ countries would implement a production adjustment of 188,000 bpd in July 2026 and continue monthly reviews of market conditions.
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