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

June 16, 2026

The rebound followed a sharp selloff on Monday, when oil prices tumbled nearly 5% to their lowest closing level since March 4. The decline came after U.S. President Donald Trump announced that a memorandum of understanding had been agreed to end the U.S.-Israeli war with Iran.

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