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#StrategyAdds1550BTCatLowerPrices
Dimming Oil Prices After Israel - Iran Agree to Cease Attacks
Focus on Crude Oil:
Iran announces halt to attacks on Israel but warns it will act if attacks on Lebanon continue.
Trump signals that the US will win the battle against Iran within the next two weeks.
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Tuesday, June 9, 2026 - Today’s oil prices are observed to move bearish, pressured by sentiment from the easing of tensions after Iran and Israel mutually cease hostilities. Additionally, optimistic comments from Trump about victory over Iran also act as a catalyst limiting prices.
Iranian President Masoud Pezeshkian announced on Monday the cessation of his attacks on Israel but warned he would respond strongly if Israel’s attacks on Lebanon continue, while Israeli media reported that Tel Aviv decided to halt attacks on Tehran at the request of US President Donald Trump. Pezeshkian also said that Tehran remains at the negotiation table after stopping attacks on Israel following the first shootout.
Adding to the downward pressure, Trump on Monday signaled that the US will win the battle against Iran within two weeks, just hours after Iran and Israel agreed to cease hostilities. Trump also sees the possibility that oil prices will soon plummet.
Meanwhile, Russia is likely to reduce its crude oil exports from its western ports in Primorsk, Ust-Luga, and Novorossiysk in June to 1.7 million bpd from 2.5 million bpd in May due to higher refinery demand and lower production, according to early data from industry and trade sources. Russian oil production has reportedly declined since the beginning of the year due to unplanned maintenance at oil refineries, said Deputy Prime Minister Alexander Novak.
Additional support comes from Yemen’s Houthi group, which on Monday imposed a complete and total ban on Israeli maritime navigation in the Red Sea, warning that ships associated with Israel will be targeted again as regional tensions escalate. Furthermore, the group also claimed to have launched missile attacks on sensitive Israeli targets in the Jaffa area.
From a technical perspective, oil prices potentially face the nearest resistance at $93 per barrel. However, if negative catalysts occur, prices could fall to the nearest support at $88 per barrel.