Crude oil slides under $80/bbl on positive market cues as Trump vows to release US-Iran peace deal text; gold up 0.1%

Crude oil prices were trading under the $80 per barrel (bbl) levels during the morning market hours on Wednesday, June 17, as global market investors focused on the positive cues amid all eyes on the US-Iran peace deal re-opening the Strait of Hormuz fully by the end of this week.

Latest reports showed that the US President Donald Trump has vowed to release the text of the peace deal agreed between the United States and Iran soon, adding to the overall positive market sentiment of the investors.

“I’d like to get a formal setting first before we do that, but I have no problem with that, it’s a great document,” said Trump on the sidelines of the G7 summit in France, as per a CNN report.

Global benchmark Brent crude oil prices dropped to more than a three-month low level of around $78.91 per bbl during Tuesday evening’s market session as the energy prices closed in on their levels prior to the beginning of the US-Iran conflict.

Crude oil prices were around the range of $70 per bbl before the US attacked Iran back on February 28, 2026.

Key focus of the market investors will be on the geopolitical development, as any update from the West Asia front is likely to impact the oil prices in either a positive or negative way amid the final stages of the agreed peace deal.

Check oil prices today

At 7:41 am (IST), the Brent crude oil futures were trading 0.13% higher at $79.03 per bbl on Wednesday’s market, compared to $79.46 per bbl at the previous commodity market close, according to Investing.com data.

The data further showed that the crude oil prices have declined 15% in the past five trading sessions and over 27% in the last one month period. In the last three months, oil prices have remained extremely volatile, but with the current price easing its down 20% in the period.

The US-based West Texas Intermediate (WTI) crude oil prices were trading 0.18% higher at $76.20 per bbl on Wednesday, compared to $76.05 per bbl at the previous commodity market close, as per the exchange data.

WTI crude oil prices dropped to over a three-month low of $76.04 per bbl on Tuesday, June 16.

Although the global crude oil prices have declined since Trump’s US-Iran peace deal announcement, the petrol and diesel prices in India for the retail customers are likely to remain elevated as the companies have already purchased a high-cost inventory at earlier higher price levels.

Gold prices today

At 10:09 pm (ET), the New York Mercantile Exchange-based COMEX gold prices were trading 0.17% higher at $4,361.90 per ounce on Tuesday evening in the United States, compared to $4,354.40 per ounce at the previous market close.

Although the gold prices have gained 2.6% in the last one week, the precious metal rates are down 4.4% in the last one month. The data also showed that the gold prices were down 12% in the last three months.

The gold prices were trading marginally higher on Wednesday’s market, India time, due to a slight pullback in US dollar rates amid falling demand for the safe-haven currency. Traders are likely to buy more gold at a lower dollar rate to benefit from purchasing a higher quantity at a lower price.

Data collected from the US dollar spot index (DYX) showed that the greenback was trading 0.02% lower at 99.519 as of 10:10 pm (ET), compared to the previous currency market close.