Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv
A pumpjack, used to help lift oil from a well, in the Permian basin near Midland, Texas, U.S., October 8, 2025. REUTERS/Arathy Somasekhar Purchase Licensing Rights, opens new tab
-
Summary
-
Brent, WTI fall up to $2 earlier in the session
-
Iran, Israel say they have halted strikes on each other
-
Market reflects uneasy truce between Israel and Iran, analysts say
LONDON, June 9 (Reuters) - Oil prices fell on Tuesday, erasing most of the previous session's gains, after Iran and Israel said they had halted attacks on each other following an appeal from U.S. President Donald Trump, though both sides warned they could resume hostilities.
Brent crude futures were down $1.55, or 1.6%, at $92.70 a barrel at 1012 GMT, while U.S. West Texas Intermediate declined $1.93, or 2.1%, to $89.37 a barrel.
Sign up here.
The market has been here before, said PVM Oil Associates analyst Tamas Varga, referring to hopes for an end to hostilities that could then end the three-month war in the Middle East.
Still, in the absence of any other movers in the market, prices fell after Iran and Israel said they had now halted attacks on each other. Renewed Israeli strikes on Iran and attacks in Lebanon over the weekend had pushed oil prices up 5% on Monday.
"In the meantime, global oil inventories keep depleting and as data, whether weekly or monthly, becomes available, realization of dangerously low oil stockpiles worldwide could intensify the race for available barrels pushing Brent back above $100 once again," Varga said.
Tehran has continued to block most shipping through the Strait of Hormuz, which before the war carried a fifth of the world's crude oil and liquefied natural gas. Washington has imposed its own blockade of Iranian ports.
Also helping to keep a lid on prices was a drop in China's imports of crude, which were down 29% to their lowest levels in eight years last month. In April, imports fell to a multi-year low of 9.3 million bpd, with refiners in the world's largest oil importer drawing on reserves to offset an even steeper decline from an average of 11 million bpd prior to the U.S.-Israeli war on Iran.
On Monday, U.S. forces disabled an unladen oil tanker in the Gulf of Oman after it attempted to sail to an Iranian port in violation of the ongoing blockade against Iran, the U.S. military said.
Reporting by Pooja Menon in Bengaluru, Emily Chow in Singapore; Editing by Sonali Paul and Susan Fenton
Our Standards: The Thomson Reuters Trust Principles., opens new tab
-
X
-
Facebook
-
Linkedin
-
Email
-
Link
Read Next
- agoANALYSIS
Alberta pitches cheap natural gas for data center boom, at odds with Canada's clean power aims
Inpex to seek orders from Australia's workplace tribunal to stop labour action at Ichthys LNG
US judge scraps Trump policy restricting wind, solar tax breaks
Canada launches loan program to help airlines deal with high fuel prices
Oil cargo to Philippines identified as Iranian came from Russia, Kpler says
Business
Businesscategory · June 9, 2026 · 10:52 AM UTC · ago
Futures tracking Canada's blue-chip stocks edged higher on Tuesday as investors took comfort from signs of de-escalation in hostilities in the Middle East, while keeping an eye on the Bank of Canada's rate decision due on Wednesday.
10:48 AM UTC
10:40 AM UTC
10:37 AM UTC
10:34 AM UTC
Read Original at Reuters →