Stocks Market
Oil Prices Plunge Over 5% After US‑Iran Peace Deal Opens Hormuz Strait
Benchmark crude oil fell more than 5 % on Monday, touching $80 a barrel – the lowest level in two months – after Washington and Tehran sealed a peace agreement that promises to end Middle‑East hostilities and reopen the strategic Strait of Hormuz. President Donald Trump warned that shipments from the Persian Gulf could resume shortly, as the United States lifts its blockade on Iranian ports. The pact also includes steps to dismantle Iran’s nuclear programme and offers economic incentives if Tehran honours its commitments, a development that could reshape global oil supply dynamics in the coming weeks.
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Oil price tumble triggers market reaction
On Monday, June 15, 2026, benchmark crude oil slid more than 5 % to around $80 per barrel, its lowest level in two months. The drop came minutes after Washington and Tehran announced a peace accord intended to end the Middle‑East hostilities and to reopen the Strait of Hormuz by the end of the week.
President Donald Trump said that shipments from the Persian Gulf could resume soon, citing the lifting of the U.S. blockade on Iranian ports. The deal also contains provisions for the dismantling of Iran’s nuclear program and economic incentives if Tehran complies with its commitments. Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed the agreement and said the full text would be released after the signing ceremony in Switzerland.
Since the conflict erupted at the end of February, oil markets have been volatile, with the near‑closure of the Hormuz Strait threatening roughly one‑fifth of global oil flows.
Related coverage
- June 14 – “Iran‑USA agreement: Signature scheduled for June 19 in Geneva, Trump’s participation ‘possible’.”
- June 14 – “Trump declares the Iran deal ‘finalized’.”
- June 12 – “Brent dips below $89 on optimism around a Washington‑Tehran pact.”