A pump jack and drilling rig south of Midland, Texas, on June 11, 2025. Eli Hartman/Reuters
Oil prices fell to their lowest levels in more than three months on June 16 as traders weighed the prospects of renewed energy flows through the Strait of Hormuz against ongoing diplomatic efforts to end the Iran war.
Brent crude futures were down $3.20, or 3.85 percent, at $79.97 a barrel at 8:53 a.m. ET. They earlier touched $79.61, the lowest since March 3 and the first time they have fallen below $80 since then.
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