During trade on Monday (June 15, 2026), brent crude futures (August) tumbled approximately 5.47%, or about $4.77, to $82.56 per barrel.
U.S. West Texas Intermediate (WTI) also slipped about 6.1% to $79.71 per barrel on Monday (June 15, 2026).
Complete normalisation would take timeNotwithstanding a potential peace deal in sight, analysts opine that complete normalisation of prices may take time.
In a past-midnight announcement (IST), U.S. President Donald Trump had announced that a peace deal with Iran was “complete”.
Let the oil flow!”The deal is scheduled to be signed in Geneva this Friday (June 19, 2026).
Benchmark Brent Crude futures (August) slipped to a more than three-month low on Monday (June 15, 2026) with a potential peace deal between Iran and the United States in sight, putting an end to more than 100 days of hostilities in West Asia that led to the closure of the Strait of Hormuz.
During trade on Monday (June 15, 2026), brent crude futures (August) tumbled approximately 5.47%, or about $4.77, to $82.56 per barrel.
U.S. West Texas Intermediate (WTI) also slipped about 6.1% to $79.71 per barrel on Monday (June 15, 2026).
Unrelatedly, addressing reporters at the bi-weekly briefing about the situation in West Asia, Sujata Sharma, Joint-Secretary at the Union Petroleum Ministry informed state-owned oil-marketing companies’ under-recovery on petrol and diesel too had come down to ₹3 per litre and ₹27 per litre respectively.
However, OMCs continue to incur an under-recovery of about ₹700 per cylinder on LPG cylinders meant for domestic consumption.
Senior officials at the Union Petroleum Ministry had stated the under-recovery stood at ₹30 per litre on diesel and ₹6 per litre on petrol on June 8.
Thus, both have declined by about ₹3 per litre.
Complete normalisation would take time
Notwithstanding a potential peace deal in sight, analysts opine that complete normalisation of prices may take time.
According to Prashant Vasisht, Senior Vice President and Co-Group Head, Corporate Ratings at ICRA, “Beyond the immediate price action, crude prices could take six months to one year to normalise to pre-war levels given that almost 10-11 million barrels per day of production has been shut in West Asia besides which some facilities have suffered damages.”
At the time of writing, brent crude futures (August) were trading 4.92% lower at $83.03 per barrel. WTI was 5.49% down at $80.27 per barrel.
Reflecting on the peace deal, Mr. Vasisht added should the sanctions on Iranian crude be potentially removed, it would be a positive for India considering its geographical proximity and Tehran’s historical willingness to give out longer payback timelines.
In a past-midnight announcement (IST), U.S. President Donald Trump had announced that a peace deal with Iran was “complete”.
“The deal with the Islamic Republic of Iran is now complete,” he wrote on his social media, adding, “I hereby fully authorise the toll-free opening of the Strait of Hormuz, and simultaneously herewith, authorise the immediate removal of the United Naval blockade. Ships of the World, start your engines. Let the oil flow!”
The deal is scheduled to be signed in Geneva this Friday (June 19, 2026).
