{"id":17271,"date":"2026-06-17T13:35:04","date_gmt":"2026-06-17T13:35:04","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=17271"},"modified":"2026-06-17T13:35:04","modified_gmt":"2026-06-17T13:35:04","slug":"global-crude-oil-prices-today-june-17-2026-brent-crude-rises-to-79-89-per-barrel","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/17271\/","title":{"rendered":"Global Crude Oil Prices Today, June 17, 2026\/ Brent Crude Rises to $79.89 per Barrel"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Brent crude futures rose by 93 cents, or 1.2%, to $79.89 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 79 cents, or 1%, to $76.84 per barrel.<\/p>\n

According to Roydad Naft, citing Reuters, oil prices climbed more than 1% on Wednesday after U.S. President Donald Trump threatened to resume air strikes against Iran if the country failed to \u201cbehave.\u201d Despite the gains, prices remained near their three-month lows as the International Energy Agency (IEA) warned of a potential supply surplus in the global oil market next year.<\/p>\n

The report said that as of 13:08 GMT, Brent crude futures were up 93 cents, or approximately 1.2%, at $79.89 per barrel. U.S. West Texas Intermediate crude also advanced by 79 cents, or 1%, to $76.84 per barrel. Earlier in the trading session, both benchmarks had fallen to their lowest levels since early March.<\/p>\n

Trump said on Wednesday that the memorandum of understanding reached with Iran had not yet been finalized and warned that a bombing campaign could be resumed if he was dissatisfied with the agreement or if Iran did not \u201cbehave.\u201d<\/p>\n

Commenting on market sentiment, Fawad Razaqzada, a market analyst at City Index, said: \u201cThere is still a degree of uncertainty surrounding the U.S. situation. Therefore, it makes sense for oil prices to rebound from these levels after experiencing a fairly sharp decline over the past few days.\u201d<\/p>\n

IEA Warns of Significant Oil Supply Surplus<\/p>\n

In its first outlook for 2027, the International Energy Agency projected that the global oil market would face a substantial supply overhang, with worldwide oil supply expected to increase by 8 million barrels per day, while demand is forecast to grow by only around 2 million barrels per day.<\/p>\n

The agency also stated in its near-term assessment that a potential agreement between Iran and the United States could provide an opportunity to replenish depleted oil inventories or establish new strategic reserves.<\/p>\n

Crispus Nyaga, a research analyst at Empire FX, said: \u201cMarkets may be underestimating the scale of the supply glut that is set to come online.\u201d<\/p>\n

According to the report, the memorandum of understanding, which has not yet been made public, extends a fragile ceasefire agreed upon by both sides in April for an additional 60 days, allowing more time for negotiations between Washington and Tehran aimed at achieving a permanent settlement.<\/p>\n

Nevertheless, industry officials believe that a full recovery of oil production and refining capacity to pre-war levels is likely to take weeks, months, or even years.<\/p>\n

Meanwhile, market sources, citing data from the American Petroleum Institute (API), reported that U.S. crude oil inventories fell by 8.3 million barrels during the week ending June 12.<\/p>\n

The decline significantly exceeded analysts\u2019 expectations of a 4.6-million-barrel draw. Official inventory data from the U.S. Energy Information Administration (EIA) was scheduled to be released later on Wednesday.<\/p>\n

Updated on