Oil Price Today (June 16): Crude oil rebounds after 5% plunge as traders await US-Iran peace deal details. Where are prices headed?

The rebound followed a sharp selloff on Monday, when oil prices tumbled nearly 5% to their lowest closing level since March 4. The decline came after U. S.

S. President Donald Trump announced that a memorandum of understanding had been agreed to end the U. -Israeli war with Iran.