New Delhi, June 16 -- Global crude oil prices are unlikely to fall significantly from current levels and could even edge up modestly, despite the impending US-Iran peace deal, analysts and oil industry executives said, as major oil-importing nations rush to rebuild reserves depleted during the West Asia war that disrupted flows through the Strait of Hormuz.

Global crude oil benchmarks hit a three-month low on Tuesday, trading below $80 per barrel, as the US and Iran move to sign a peace agreement on 19 June in Switzerland. Around 6.30pm, the August contract of Brent traded at $79.89, down about 4% from Monday's close, while the July contract of West Texas Intermediate on the NYMEX fell 4.33% to $77.25 a barrel.

Experts described the slu...