On June 16, 2026, Brent crude futures rose 0.3% to $83.42 a barrel and WTI gained 0.3% to $81.12 as traders weighed uncertainty around a preliminary U.S.-Iran conflict deal and the outlook for shipments through the Strait of Hormuz. Oil prices had fallen nearly 5% a day earlier, and the move higher marked a rebound from the lowest close since March. In India, retail fuel prices have paused for now, but the dynamic pricing system remains closely linked to international crude, keeping the risk of further revisions in focus.

On June 16, Brent crude rose 0.3% to $83.42 a barrel and WTI gained 0.3% to $81.12, extending a rebound after a nearly 5% drop the previous session. The selloff followed U.S. President Donald Trump’s announcement that the U.S. and Iran had agreed a memorandum of understanding to end the “U.S.-Israeli war with Iran,” fueling expectations that supply could return. The conflict had shut the Strait of Hormuz, disrupting about 14 million barrels per day of production, but details of the agreement have not been made public and a permanent truce has yet to be negotiated. Analysts warned that damage to infrastructure could mean supply recovery takes months, while Saudi Aramco has said market stability could be delayed until 2027.

The U.S. and Iran have signed a preliminary memorandum aimed at ending the conflict, but no details have been made public and a permanent truce has yet to be agreed. Markets remain wary that restoring flows through the Strait of Hormuz could take longer than expected due to tasks such as mine-clearing, the return of marine insurance and restarting facilities. Brent rose 0.3% to $83.42 a barrel and WTI gained 0.3% to $81.12 a barrel. Analysts said the energy risk premium may be slow to fully unwind in the near term.

SpaceX’s private shares rose for a second consecutive day in the secondary market, pushing the company’s valuation above $2.3 trillion. The gain places SpaceX among the world’s six most valuable companies. The report also says SpaceX exercised an overallotment option to substantially increase the total funds raised from its IPO.

The Indian rupee climbed to a five-week high, while benchmark government bond yields fell to their lowest level since mid-April. The move followed news of an initial peace deal in West Asia that triggered a sharp drop in global oil prices. Lower oil prices eased pressure from India’s energy import bill, supporting both the currency and bond market.

The U.S. and Iran said they reached a new ceasefire agreement that would end a U.S. blockade of Iranian ports and reopen the Strait of Hormuz. Brent crude futures fell more than 5% on Monday to $85.8 a barrel. India’s Nifty and Sensex climbed 1%, led by realty, consumer durables and auto stocks, while the India VIX eased to 14.4. The development signaled a material easing in geopolitical tensions and reduced fears of an oil supply disruption.

The Indian rupee strengthened to a five-week high of 94.71 against the U.S. dollar as easing geopolitical tensions in the Middle East helped lift market sentiment and pushed global oil prices lower. Traders said improved risk appetite also supported the currency. They added that expectations of stronger foreign inflows further underpinned the rupee. The report highlighted “falling global oil prices,” pointing to a direct price link with crude oil as a commodity.