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Oil prices fall more than 4% on report Iran wants to end hostilities with Israel

  • Oil prices fell sharply on June 16, 2025, as reports indicated Iran sought to end hostilities with Israel amid escalating Middle East tensions.
  • The decline followed a last week's steep rally fueled by Israeli airstrikes on Iranian military and oil-related sites, raising fears of regional supply disruptions.
  • Iran requested Gulf nations to press President Trump for an Israeli ceasefire offer in exchange for flexibility in nuclear talks, while Israeli PM Netanyahu vowed to continue military operations.
  • Brent crude fell about 3.65% to near $75.50 a barrel and U.S. West Texas Intermediate dropped 3.71% to approximately $70.27, with the VIX index down 8.93% to 18.96 amid market relief.
  • The easing of tensions helped stocks rally, but analysts warned the fluid situation could reverse gains and renew conflict-driven price spikes if hostilities resume.
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CNBC broke the news in United States on Sunday, June 15, 2025.
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