{"id":495646,"date":"2026-06-16T14:05:13","date_gmt":"2026-06-16T14:05:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/495646\/"},"modified":"2026-06-16T14:05:13","modified_gmt":"2026-06-16T14:05:13","slug":"oil-prices-tumble-below-80-per-barrel-for-first-time-since-march","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/495646\/","title":{"rendered":"Oil prices tumble below $80 per barrel for first time since March"},"content":{"rendered":"\n

Futures on Brent crude oil (BZ=F<\/a>), the international benchmark, briefly dipped below $80 per barrel on Tuesday \u2014 as low as $79.96 \u2014 for the first time since March 3, which was only days after the start of the Iran war.<\/p>\n

In the wake of US and Israeli strikes on Iran beginning Feb. 28, crude oil prices skyrocketed on both Brent and the US benchmark, WTI crude (CL=F<\/a>), climbing up to nearly $120 per barrel. US WTI crude crossed and held below $78 per barrel on Tuesday.<\/p>\n

Prices have fallen precipitously since the opening of futures trading for the week on Sunday evening after President Trump announced Washington and Tehran had agreed to the terms of a memorandum of understanding to end the war that has roiled the global energy market.<\/p>\n

Trump and the Iranian parliamentary speaker are reported to have signed the deal electronically on Monday, with a formal signing ceremony scheduled for Friday in Switzerland.<\/p>\n

While terms have not been made public, the deal is understood to require the full reopening of the Strait of Hormuz by both sides of the conflict, with a 60-day negotiation period to follow on issues such as Iran’s nuclear program and longer-term control of the strait.<\/p>\n

Stocks, meanwhile, traded mostly flat after Monday’s rally<\/a>.<\/p>\n

\"FILE Vessels at the Strait of Hormuz, as seen from Musandam, Oman, on June 16, 2026. (Reuters\/Stringer\/File Photo) \u00b7 REUTERS \/ REUTERS <\/p>\n

Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him at jake.conley@yahooinc.com.<\/p>\n

Click here for in-depth analysis of the latest stock market news and events moving stock prices<\/a><\/p>\n

Read the latest financial and business news from Yahoo Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Futures on Brent crude oil (BZ=F), the international benchmark, briefly dipped below $80 per barrel on Tuesday \u2014…\n","protected":false},"author":2,"featured_media":495647,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[55664,114,2382,85,162522,87,46,223657,1009,148192],"class_list":["post-495646","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-brent-crude-oil","tag-business","tag-crude-oil-prices","tag-il","tag-international-benchmark","tag-iran","tag-israel","tag-israeli-strikes-on-iran","tag-president-trump","tag-wti-crude"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/495646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=495646"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/495646\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/495647"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=495646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=495646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=495646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}