Published on 6/15/2026
Oil prices fell today, Monday, to their lowest levels since last March, after US President Donald Trump and the Iranian Deputy Foreign Minister said that the two countries had reached an initial agreement to end the war and resume shipping traffic through the Strait of Hormuz.
- Brent crude futures fell 4.1% to $83.8 per barrel, at the time of writing.
- US West Texas Intermediate crude also fell 4.6% to $80.9.
Both contracts fell more than 3% on Friday.
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Pakistani Prime Minister Shahbaz Sharif, whose country plays the role of mediator, said that the United States and Iran will sign a memorandum of understanding in Switzerland on Friday.
Trump stated on Sunday that the Strait of Hormuz would be open “without paying any fees” and that the US naval blockade of Iranian ports would also end.
The semi-official Iranian Mehr News Agency reported that the draft agreement stipulates the reopening of the Strait of Hormuz within 30 days according to Iranian arrangements.
Tim Waterer, chief market analyst at KCM Trade, said, “The geopolitical risk premium that was reflected in crude oil prices is now being unwound at a strong pace, with traders anticipating the resumption of oil flows.”
The closure of the Strait of Hormuz for more than 3 months due to the war deprived global markets of millions of barrels of oil and gas supplies.
The Strait is considered a strategic corridor, as about a fifth of the world’s oil and liquefied natural gas supplies passed through it before the war.
Investors are also monitoring the pace of the resumption of oil production and exports from oil-producing countries in the Middle East after the damage resulting from the war, and whether more ships will enter the region.
And he said Kazem Gharibabadi The Iranian Deputy Foreign Minister said that a broader agreement will be negotiated during the 60-day ceasefire period.
Britain, France, Germany and Italy said on Sunday that they were ready to lift the sanctions imposed on Iran in exchange for steps taken by Tehran regarding its nuclear program.
