Mucahithan Avcioglu
09 June 2026•Update: 09 June 2026
- Weak Chinese crude imports, record US exports, reserve releases also pressure prices
Oil prices fell sharply on Tuesday after Israel and Iran agreed to halt attacks following a renewed escalation in hostilities, easing immediate concerns over supply disruptions in the Middle East.
International benchmark Brent crude declined 5% to around $90 per barrel, its lowest level since March, while US benchmark West Texas Intermediate (WTI) fell over 5% to around $86.4 per barrel.
The drop came after Israeli Prime Minister Benjamin Netanyahu said Israel would pause strikes while warning that it would respond to any further attacks from Tehran. Iranian media reported a similar stance, signaling a temporary halt in mutual attacks.
US President Donald Trump said this week that negotiations were entering their final stage and that a clearer outcome could emerge within days. He also said the US could declare “total victory” in the conflict within two weeks.
Meanwhile, US Energy Secretary Chris Wright said Tuesday that the ship traffic through the Strait of Hormuz is rising “very meaningfully."
The easing in geopolitical risk reduced the war premium in crude prices, although oil remains above prewar levels due to lingering uncertainty over regional stability and shipping security.
Demand-side pressure also weighed on prices. China’s crude imports dropped to around 7.8 million barrels per day last month, the lowest level in more than eight years and nearly 4 million barrels per day below the 2025 average.
Weaker demand from the world’s largest crude importer, combined with record US exports and emergency reserve releases, has helped limit the price impact of the conflict.
Market participants continue to monitor whether the ceasefire holds, as any renewed escalation involving key regional producers or shipping routes could quickly revive supply concerns.
Figures checked against current market reports show Brent near $90.85 and WTI near $87.59, and separate data on China’s crude imports falling to about 7.8 million bpd.
