Brent Falls to $84.62 a Barrel as Middle East Peace Deal Holds

1 articles · Updated · Fortune · Jun 16

$84.62 a barrel marked Brent crude at 9 a.m. ET on June 15, down 67 cents from the prior day after a Middle East peace deal appeared to stick through the weekend.
Crude prices fell because traders saw lower geopolitical risk to supply, underscoring how quickly oil can swing on war, recession and other supply-demand shocks.
Gasoline prices should eventually ease because crude typically makes up more than half of a gallon's cost, though pump prices often decline more slowly than oil itself.
Brent still sits about $8.63 above its level a year ago, showing that even after the latest drop, global oil prices remain elevated by recent standards.