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Updated - June 17, 2026 at 09:46 AM.

| Mangaluru, June 17

Crude oil futures traded lower on Wednesday morning as markets anticipated an increase in global oil supplies following a proposed peace agreement between the US and Iran.

At 9.28 am on Wednesday, August Brent oil futures were at $78.44, down by 0.66 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $75.38, down by 0.88 per cent. June crude oil futures were trading at ₹7118 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹7175, down by 0.79 per cent, and July futures were trading at ₹7080 against the previous close of ₹7124, down by 0.62 per cent.

A Reuters report said that the interim peace deal, which is expected to be signed on Friday, will allow Iran to sell oil upon signing the agreement.

Under the deal, the US will end its blockade of Iran’s ports while Iran will restore the passage of oil tankers and other maritime traffic through the Strait of Hormuz, it said.

In a recent post on the social media platform Truth Social, US President Donald Trump had stated that Iran has agreed to never have a nuclear weapon. He also posted that many loaded oil ships are starting to move out of the Strait of Hormuz.

Meanwhile, Israeli Prime Minister Benajmin Netanyahu said on Monday that Israel is not bound by the proposed peace deal between the US and Iran, and his forces will not withdraw from southern Lebanon. However, US Vice President JD Vance contradicted by saying that the agreement included Israel and Lebanon.

Published on June 17, 2026

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