Crude Oil Price Today (June 15): Oil hits March lows, down 4% as US-Iran sign peace deal. What are experts saying? (opens original article in a new tab)

Crude oil prices fell to March lows, with Brent and WTI dropping over 4%, as US-Iran signed a peace deal to restore shipping through the Strait of Hormuz. Analysts warned that normalization of shipping may take months.

• Brent crude futures fell $3.58, or 4.10%, to $83.75 a barrel
• U.S. West Texas Intermediate crude declined $4.01, or 4.72%, to $80.87
• Analysts cautioned that shipping through the Strait of Hormuz may take months to normalize
• The deal includes provisions to reopen the Strait of Hormuz within 30 days under Iranian arrangements