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- Oil hovers at levels prior to Iran-Israel conflict as ceasefire sends 'clear, bearish signal'</p>
<p>Ines FerréJune 25, 2025 at 2:14 PM</p>
<p>Oil futures rebounded less than 1% on Wednesday on the heels of steep losses following a US-brokered ceasefire that prompted the unwinding of bullish bets and eased concerns of a supply disruption.</p>
<p>During Wednesday's session, West Texas Intermediate (CL=F) jumped to settle at $64.92 per barrel. Brent crude (BZ=F), the international benchmark, also rose less than 1% to settle at $67.68 per barrel. Both WTI and Brent on Wednesday sat at levels not seen since prior to the outbreak of the Israel-Iran war as traders unwound their positions on Monday and Tuesday.</p>
<p>Crude suffered steep two-day losses as fears of a supply interruption stemming from the Middle East conflict eased.</p>
<p>US strikes on Iranian nuclear sites and Tehran's retaliatory response spared energy targets in the region. The ceasefire truce announced by Trump on Wednesday also pushed prices lower.</p>
<p>"This is a clear, bearish signal to the market," Vectis Energy Partners principal Tamar Essner told Yahoo Finance on Wednesday morning.</p>
<p>"Even if this truce between Iran and Israel is temporary ... for the foreseeable future all three parties, US, Iran, and Israel, are viewed to want to de-escalate and sort of go home and proclaim victory to their internal bases," she added.</p>
<p>Oil futures rebounded 2% on Wednesday but were still trading near levels seen before the outbreak of the Israel-Iran conflcit. (AP Photo/Kamran Jebreili, File) ()</p>
<p>Since the onset of fighting between Israel and Iran on June 13, Wall Street forecast worst-case scenarios, including prices spiking to the $120 to 130 range if Iran closed the Strait of Hormuz, a critical chokepoint through which roughly 20% of the world's oil supply flows.</p>
<p>"Keep in mind most traders had speculated that Iran's oil exports were to be trimmed substantially, but so far that has not been the case," KOK Financial senior vice president of trading Dennis Kissler said in a note on Wednesday.</p>
<p>On the supply side, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) had raised output in the months leading up to Israel's strike.</p>
<p>"The crude trade is now beginning to price in Iranian oil remaining the same, and adding the increased OPEC+ production, which moves the needle back to oversupply," Kissler added.</p>
<p>WTI is down 7% year to date. Brent is down 9%.</p>
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<p>Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre.</p>
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