Oil prices continued to decline on June 16, 2026, falling below $80 per barrel for the first time since March. This drop is attributed to reports that the U.S. will allow Iran to sell oil as part of a ceasefire agreement. Brent crude was down 4.99% at $79.02 per barrel, while West Texas Intermediate dropped 5.67% to $76.17 per barrel.
Marine Traffic data indicated only five confirmed crossings through the Strait of Hormuz on June 15, with three being commercial vessels. Analysts from HSBC estimate that traffic through the strait may not return to pre-war levels until the end of September due to various logistical challenges.
In related news, the Pentagon has announced a conditional $500 million loan to Phoenix Tailings to support the construction of a rare earth processing facility. This facility aims to produce essential rare earth metals for defense and other industries, with operations expected to begin in 2028. The Department of Energy previously awarded Phoenix Tailings a $66 million grant to enhance its rare earth separation technology.
Additionally, a report from Reuters suggests that CEOs of the largest U.S. power companies could receive nearly $1 billion in stock-based payouts as the electric grid undergoes significant upgrades. The Edison Electric Institute estimates that over $1 trillion will be invested in modernizing the grid between 2026 and 2029.
UNICEF reported that nearly 1.1 billion children worldwide are exposed to at least three overlapping climate hazards, with drought and extreme heat being the most common threats.
Lastly, the SunZia Wind Project in New Mexico, the largest wind farm in the U.S., is set to begin operations this month, with a capacity of 3,650 megawatts, enough to power hundreds of thousands of homes.