Oil prices rebounded on Tuesday (June 16, 2026) on concerns about the lack of details in a preliminary agreement ending the war between the U.S. and Iran and the realization the resumption of ‌supply through the key Strait of Hormuz may take longer than thought.

Brent crude futures gained 26 cents, ⁠or 0.3%, to $83.42 a barrel and U.S. West Texas Intermediate rose to $81.12 a barrel, up 46 cents, or 0.3%, as of 0108 ‌GMT. 

On Monday (June 15, 2026), oil prices fell by nearly 5% to their lowest close since March 4 after U.S. ‌President Donald Trump said a memorandum of understanding was signed ‌to ⁠end the U.S.-Israeli war with Iran.

– Reuters