Crude oil prices gain on uncertainty over Strait of Hormuz reopening; Brent oil near $80 per barrel

Crude oil prices edged higher on June 17 as investors weighed uncertainty around the reopening of the Strait of Hormuz, with Brent crude up 0.6% at $79.43 per barrel and WTI up 0.6% at $76.53 per barrel. Both benchmarks had fallen nearly 5% the previous day to three-month lows on hopes of a US-Iran interim peace deal that would allow Tehran to resume oil exports and ease tanker movement. The memorandum of understanding extends the April ceasefire by 60 days, though Israel has distanced itself from the accord and drone strikes in southern Lebanon have raised doubts about the durability of the truce.