International oil prices dropped below $90 per barrel on Tuesday, June 9, 2026. This fall happened after Iran and Israel agreed to stop their recent attacks, following calls from US President Donald Trump to ease tensions.
President Trump urged both sides to halt fighting, especially after Israel struck Hezbollah positions near Lebanon, which raised fears of wider conflict. Trump posted on Truth Social calling for an immediate ceasefire and said peace talks with Iran are moving forward. His efforts helped calm the situation quickly.
As a result, West Texas Intermediate (WTI) crude fell to around $88 per barrel, down about $2.8 or nearly 3%. Brent crude, the global benchmark, also dropped more than $2, trading near $91-93. Markets had been very volatile since the Iran-Israel-US conflict started in late February 2026. Prices rose sharply at times due to tensions about oil supply from the Middle East.
Experts say lower oil prices bring good news for importing countries like Pakistan. The government reviews petrol and diesel prices every week. As of June 6, 2026, petrol price in Pakistan stands at Rs377.78 per litre after recent cuts. Further drops in global oil prices could lead to more relief at petrol pumps soon.
Lower fuel costs can reduce transport expenses, ease inflation, and help the economy. However, experts warn that prices can change fast if new tensions arise. This de-escalation offers hope for more stable and affordable energy in the coming weeks.
