Futures on Brent crude oil, the international benchmark, briefly dipped below $80 per barrel on Tuesday, June 16, 2026, falling as low as $79.96, according to market data. This marks the first time the benchmark has traded below that level since March 3, 2026, which was days after the start of the Iran war.
The decline comes amid easing supply concerns and a broader sell-off in commodities. Analysts cited factors including a potential ceasefire in the Iran conflict and increased output from some OPEC members as contributing to the price drop.
U.S. West Texas Intermediate crude also fell, trading near $76 per barrel. The moves reflect shifting market sentiment as traders weigh geopolitical risks against global demand outlook.
As of the latest trading session, Brent crude was hovering around $79.50, still below the $80 mark. The last time prices were this low was in early March, before the conflict in Iran escalated.
