Crude oil trades at 3-month low near $83/bbl as Trump says Iran agrees to ‘never’ have nuclear weapons; gold down 0.4%

Crude oil prices dropped to their lowest level in over last three months to around $83 per barrel (bbl) during the morning market hours on Tuesday, June 16, amid US President Donald Trump’s latest comments on how Iran has agreed to never have nuclear weapons in its arsenal.

Investing.com data showed that the global benchmark Brent crude oil prices eased to their three-month low of $83.08 per bbl during the trading session, its lowest level since March 5, 2026, during the first week of the US-Iran conflict in West Asia.

After 16 weeks of the ongoing conflict, the crude oil prices have finally cooled to their current levels as investors remain focused on the United States and Iran finally signing the long-awaited peace deal on Friday, June 19.

Oil prices today

At 7:44 am (IST), the Brent crude oil prices were trading flat at $83.20 per bbl on Tuesday’s market hours, compared to $83.17 per bbl at the previous market close, according to Investing.com data.

While the West Texas Intermediate (WTI) crude oil prices were trading 0.1% higher at $80.85 per bbl as of 7:44 am (IST) on Tuesday, June 16, compared to $80.75 per bbl at the previous market close, as per the exchange data.

Has Trump signed Iran deal?

President Donald Trump, in his latest post on social media, claimed that Iran has finally agreed to “never” have nuclear weapons, while renouncing the recent reports over the US allegedly paying Iran $300 million.

“Iran has agreed to never have a Nuclear Weapon! Also, the story that the U.S. is paying Iran 300 million Dollars is Fake News,” said Trump in his latest post on Truth Social.

Shedding some light on the movement in the key maritime trading route, the Strait of Hormuz, Trump said that ships have started to move through the passage and now the key corridor has become “totally safe” for transits.

“Ships are starting to move, many loaded up with Oil, out of the Strait of Hormuz. They are going along the Southern ‘Highway,’ which is totally safe, secure, and pristine. There are other areas of travel, also!!!” said Trump in a separate post on Monday evening.

Latest media reports from Al Jazeera also showed a video of President Trump ahead of the G7 meeting in France. Trump said that the agreement with Iran has been “all signed” and the Strait of Hormuz will be “completely open” by Friday.

As per a CNN report, both Trump and Vice President JD Vance have virtually signed the US-Iran peace agreement to put an end to the US blockade at the Strait of Hormuz. Iranian Parliament Speaker, Mohammad Bagher Ghalibaf, signed the document from the other side.

Gold prices today

The New York Mercantile Exchange-based COMEX gold prices were trading 0.46% higher at $4,331.60 per ounce as of 10:09 pm (ET) in the United States on Monday evening, compared to $4,351.60 per ounce at the previous commodity market close.

Gold prices were trading slightly lower on profit booking cues after a day of rally on Monday’s market. The prices were further witnessing the downward pressure from an elevated US dollar rate as traders are likely to buy less gold at a higher currency price in the market.

Data collected from the Bloomberg US dollar spot index (DYX) showed that the greenback was trading 0.07% higher at 99.696 as of 10:10 pm (ET), compared to the previous currency market close.

The US dollar prices were witnessing a mild rebound during Tuesday’s market session, in an attempt to stabilise its position after a day of red post Trump’s US-Iran peace deal announcement.

Investors are now focused on the US Federal Reserve’s key monetary policy meeting, which is scheduled to be held on June 16-17, to determine the key policy rate for the American economy.