Texas crude opens up 0.74%, barrel at $76.61

Texas Intermediate (WTI) crude oil saw a modest increase on June 17, 2026, with its price climbing 0.74% to settle at $76.61 per barrel. This movement occurred as traders and investors assessed the potential implications of a newly reached peace agreement between the United States and Iran.

By 10:00 AM local time in New York, July futures contracts for WTI, the benchmark U.S. crude, had gained $0.56 from the previous day's closing price. This followed a significant drop of 5.8% the prior day, which had pushed the price of crude oil to a three-month low of $76.05 per barrel.

The market's attention was focused on the upcoming official signing of the U.S.-Iran agreement, scheduled for Friday in Switzerland. Historically, such geopolitical developments can significantly influence oil supply dynamics and prices.

However, the International Energy Agency (IEA) offered a cautious outlook, suggesting that even with a sustained cessation of hostilities, the recovery of oil production and export capabilities would likely take several months. This forecast implies that immediate supply disruptions might not be fully resolved, contributing to market uncertainty.