ULSAN, SOUTH KOREA – JUNE 10: The oil tanker Universal Winner, described as the first South Korean vessel to exit the Strait of Hormuz after being stranded there since the outbreak of conflict in the Middle East, arrives at the port of Ulsan, South Korea, on June 10, 2026, to unload crude oil.
Hwawon Ceci Lee | Anadolu | Getty Images
Oil prices were little changed on Wednesday as investors assessed the U.S.-Iran peace deal, though uncertainty over the full resumption of shipping through ‌the Strait of Hormuz limited further falls.
Brent crude futures rose 20 cents, or 0.25%, to $79.16 a barrel, while U.S. West Texas Intermediate climbed 21 cents, or 0.3%, to $76.25 a barrel.
Both benchmarks fell about 5% for a second straight session on Tuesday to stand at ​three-month lows, on hopes that a U.S.-Iran deal would allow oil flows through the Strait.
“Markets are broadly stripping out ​the embedded geopolitical risk premium in oil prices,” said Priyanka Sachdeva, senior market analyst at â Phillip Nova.
“That said, the path toward normalisation remains far from straightforward. While political agreements may be progressing, physical tanker traffic ​through the Strait has yet to fully recover.”
The deal would provide for the United States to lift its blockade of Iran’s ​ports, while Tehran would allow oil tanker traffic through the Strait, effectively blocked since U.S. and Israel strikes on February 28.
“Oil markets retreated on expectations the Strait of Hormuz would reopen following the peace agreement, but traders held off further selling pending details,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.
WTI is likely to stay volatile in a range of $10 above or below $80 a barrel, ​he added.
Before the closure, about a fifth of global crude oil and liquefied natural gas supplies flowed through the Strait.
Details of the interim ‌peace deal began â to emerge on Tuesday, with President Donald Trump saying it would rule out a nuclear weapon for Tehran and a U.S. official saying it would allow Iran to sell oil upon signing.
The memorandum of understanding, not yet public, extends by another 60 days a tenuous ceasefire agreed in April, so as to allow room for talks toward a permanent truce.
Still, industry officials ​say a full return to ​pre-war production and refining levels â is likely to take weeks, months or even years.
Israel has distanced itself from both the April ceasefire and the latest U.S.-Iran pact, fuelling uncertainty about whether it will hold.
Israeli drone strikes targeted three vehicles in southern Lebanon on Tuesday, killing at least four people and wounding others, Lebanon’s National News Agency (NNA) reported. Trump issued a rare public rebuke of Israel’s military tactics.
China’s crude oil throughput fell 9.1% in May on the year to its lowest in almost four years, data showed, also signalling that refiners were starting to draw on stockpiles amid the Iran war.
The American Petroleum â Institute report ​showed U.S. crude stocks fell 8.3 million barrels in the week ended June ​12, the sources said. It exceeded expectations for a draw of 4.6 million barrels, with official numbers due from the Energy Information Administration at 10:30 a.m. ​ET (1430 GMT) on Wednesday.
