International crude oil futures prices fell sharply on June 16, closing at their lowest level in three months as the market continued to react to news of progress in Middle East war negotiations. The formal signing ceremony for the agreement is scheduled for June 19 in Geneva, Switzerland.

West Texas Intermediate (WTI) crude for July delivery decreased by US$4.70 (5.82%), reaching US$76.05 per barrel on the New York Mercantile Exchange.

Brent crude for August delivery fell by US$4.21 (5.06%) to US$78.96 per barrel.