Crude Oil Price Today (June 15): Oil hits March lows, down 4% as US-Iran sign peace deal. What are experts saying?

Crude oil prices hit March lows, with Brent crude falling 4.10% to $83.75/barrel and WTI declining 4.72% to $80.87/barrel, following a US-Iran peace deal mediated by Pakistan. The agreement includes reopening the Strait of Hormuz within 30 days under a proposed 60-day ceasefire, potentially restoring millions of barrels of disrupted oil and gas supply. Analysts cautioned that even if the ceasefire holds, shipping normalization and infrastructure recovery could take months.