Oil Price Today (June 16): Crude oil rebounds after 5% plunge as traders await US-Iran peace deal details. Where are prices headed?

Crude oil prices rebounded modestly after a nearly 5% plunge on Monday, as traders await details of a US-Iran memorandum of understanding aimed at ending conflict. Brent crude rose 0.3% to $83.42/barrel and WTI gained 0.3% to $81.12/barrel, but optimism is tempered by the absence of a permanent truce, uncertainty over the Strait of Hormuz reopening, and warnings that shipping may take months to normalize with potential supply disruptions extending into 2027.