Noida, June 17 (APAC Media): Crude oil prices extended losses on Wednesday, falling toward $75 per barrel and marking a fifth consecutive session of declines, as expectations of increased global supply continued to pressure the market.
The benchmark slipped to its lowest level since early March.
Sentiment was weighed down by anticipation of a US–Iran interim agreement expected to be signed in Switzerland on Friday, which would provide Tehran with broad economic relief, including an immediate resumption of oil exports.
Lower crude oil prices, driven by easing geopolitical tensions following the U.S.–Iran peace framework and improved conditions in the Strait of Hormuz, are expected to provide meaningful macroeconomic relief for India.
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As a net importer of more than 85% of its crude requirements, India remains highly exposed to global oil price movements. A sustained decline in Brent crude toward the $78–$83 per barrel range could significantly reduce the country’s import bill, helping narrow the trade deficit, ease inflationary pressures, and support the rupee.
Market participants also expect commercial shipping through the Strait of Hormuz to gradually normalise following the deal, although concerns remain over the agreement’s durability.
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The potential return of Iranian barrels to global markets comes amid broader supply increases, including higher OPEC+ production quotas and rising output from the United Arab Emirates, which had temporarily exited the group during the conflict.
These developments are seen as likely to replenish global refinery inventories in the coming weeks.
Crude Oil Prices Trend (Jun 2025 – May 2026)
This chart shows monthly Brent and WTI crude oil prices, highlighting supply-demand cycles and geopolitical shocks.
- Jun–Dec 2025: Gradual decline due to supply pressure and weak demand
- Jan–Feb 2026: Recovery driven by risk premiums and demand return
- Mar–Apr 2026: Sharp spike due to geopolitical disruption
- May 2026: Price correction after stabilization
Price Data Table
| Month | Brent ($) | WTI ($) |
|---|---|---|
| Jun-25 | 73.43 | 70.55 |
| Jul-25 | 70.55 | 64.50 |
| Aug-25 | 67.09 | 63.93 |
| Sep-25 | 68.52 | 63.17 |
| Oct-25 | 65.44 | 60.54 |
| Nov-25 | 64.07 | 58.58 |
| Dec-25 | 61.35 | 57.26 |
| Jan-26 | 67.72 | 61.60 |
| Feb-26 | 77.24 | 71.13 |
| Mar-26 | 119.56 | 101.90 |
| Apr-26 | 124.24 | 105.38 |
| May-26 | 102.75 | 91.16 |
However, US Energy Information Administration data showed a counterbalancing draw in crude stockpiles, which fell by 8.3 million barrels last week, indicating tighter domestic supply conditions even as global output expectations rise.
3:10 PM | Energy Market Update Trading EconomicsÂ
Oil prices were largely steady in afternoon trade on Wednesday, with benchmark crude holding near recent levels as traders assessed easing geopolitical tensions and mixed signals across energy complexes.
Crude oil was at 75.895, up 0.155 points or 0.20% from its previous high, while Brent crude stood at 78.860, up 0.1 point or 0.13% from its previous high.Â
In other energy benchmarks, natural gas edged up to 3.2436, gaining 0.0046 points or 0.14%, while gasoline slipped to 2.8736, down 0.0069 or 0.24%. Heating oil moved higher to 3.1832, rising 0.0133 or 0.41% according to Trading Economics data.
Traders said the market remained range-bound in the absence of fresh catalysts, with attention focused on developments in the Middle East and broader global demand outlook.
–ENDS–
Disclaimer:Â Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.
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