Oil prices moved downward after yesterday’s rally, as the Iran-Israel agreement to halt attacks between them boosted expectations for progress in peace negotiations.
Read: Strait of Hormuz: Four Iranian tankers carrying 7 million barrels of oil passed despite US blockade
Brent crude oil futures fell below $94 per barrel in Tuesday trading (9.6.2026), erasing most of the gains from the previous session, where fears of escalating tensions in the Middle East had prevailed following weekend attacks between Iran and Israel.
Following the same pattern, WTI crude futures are trading at and below $90 levels.
US President Donald Trump played a role in the scenario change by urging Iran and Israel to reach an agreement while stating that talks with Tehran continue, adding that oil prices should decrease once the conflict ends.
As analysts note, the ceasefire remains on the table but the Strait of Hormuz remains essentially closed under a double blockade from the US and Iran, seriously disrupting shipments of crude oil, refined fuels and natural gas to global markets.
