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Informist, Monday, Jun. 15, 2026

--WTI July crude oil futures contract down 5.1% at $80.59 per barrel

--ICE Brent August crude oil futures contract down 4% at $83.35 per barrel 

--MCX June crude oil futures contract down 5.4% at INR 7,637 per barrel 

MUMBAI – Futures contracts of crude oil on the Multi Commodity Exchange fell sharply on Monday, tracking the fall in futures on the Intercontinental Exchange and the New York Mercantile Exchange. Prices of crude oil plunged after the US and Iran announced a framework for a peace deal on Sunday, which includes the reopening of the Strait of Hormuz, which eased concerns about a prolonged supply disruption in West Asia.

US President Donald Trump Monday said a peace deal had been reached between the US and Iran and that the Strait of Hormuz, a key waterway that carries a third of global oil, would be reopened completely upon the signing of the peace deal. In a statement, the Secretariat of Iran's Supreme National Security Council said the deal with the US includes the immediate suspension of hostilities on all fronts, including Lebanon, and an end to the US's naval blockade on Iranian ports. Pakistani Prime Minister Shebaz Sharif said the peace deal would be signed in Switzerland on Friday.

About 20% of the world's oil supplies passed through the Hormuz strait before tanker traffic plunged in early March due to Iranian attacks. The disruption to Hormuz has triggered the biggest oil supply disruption in history, CNBC reported.

After oil spiked in the initial period of the conflict, prices have given up ground in recent weeks on repeated signals that Washington and Tehran were close to an agreement, as well as signs that some crude flows via the strait had resumed. In addition, developed economies tapped emergency crude reserves, and some leading importers— notably China— scaled back imports, Bloomberg reported.

"The geopolitical risk premium that had been built into crude is now being unwound quite aggressively as traders price in the prospect of restored oil flows," Reuters reported, quoting Tim Waterer, chief market analyst at KCM Trade, as saying.

Investors are also watching cautiously how ‌quickly producers in West Asia can resume oil production and exports following damage from the war and whether more ships will enter the region, Reuters reported. "While these uncertainties suggest upside risks to our forecast for Brent oil futures to reach $80 per barrel by the end of the year, it's worth noting that oil flows through the Strait of Hormuz just needs to reach 60-70% of pre-war levels to return oil markets to pre-war oversupply expectations," the report quoted Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia, as saying in a note.

At 1025 IST, the most active June crude oil contract on the MCX was down 5.5% at INR 7,629 per barrel. The ICE Brent August crude oil contract was down 4.1% at $983.28 per barrel, and the WTI July crude oil contract was down 5.1% at $80.58 per barrel.  End

US$1 = INR 94.57

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Shreya Shetty

Edited by Deepshikha Bhardwaj

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