Oil prices crashed to their lowest since March on Monday, 15 June 2026, after Donald Trump and Iranian officials announced an initial deal to end the war and resume traffic through the Strait of Hormuz.
Brent crude fell $4.08, or 4.7%, to $83.25/barrel by 0415 GMT. US WTI dropped $4.35, or 5.1%, to $80.53. Both benchmarks hit their lowest levels since 10 March, extending Friday’s 3%+ slide.
–Deal terms rattle markets–
Pakistan’s Prime Minister Shehbaz Sharif said the US and Iran will sign a memorandum of understanding in Switzerland on Friday.
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Trump declared the Strait of Hormuz would reopen “toll free” and a US naval blockade of Iranian ports would end immediately.
Iran’s Mehr news agency reported the draft deal calls for the strait to reopen within 30 days under Iranian arrangements.
The E4 — UK, France, Germany, Italy — said Sunday they’re ready to lift sanctions on Iran in response to nuclear steps.
–Risk premium unwinds–
“The geopolitical risk premium that had been built into crude is now being unwound quite aggressively as traders price in restored oil flows,” said Tim Waterer, chief market analyst at KCM Trade.
The Strait of Hormuz handles about 20% of the world’s oil and LNG. Its closure for 3+ months wiped millions of barrels from global supply and pushed prices up.
Traders now shift focus to how quickly Middle East producers can restart output and whether shipping traffic returns safely.
Friday’s Swiss signing will set the timeline. Until then, oil markets are pricing in peace.
