U.S. crude oil falls nearly 5% after Trump says U.S. and Iran complete deal to open Strait of Hormuz
CNBC
Last updated: June 15, 2026
President Donald Trump announced the completion of a U.S. deal with Iran to reopen the Strait of Hormuz, leading to a significant drop in oil prices. This agreement aims to restore the vital shipping lane which had been disrupted by Iranian attacks, impacting global oil supplies.
- The U.S. has reportedly ended its naval blockade of Iran as part of the deal, which is expected to allow for the free flow of oil through the Strait of Hormuz. U.S. crude oil futures fell by 4.8% to $80.80 per barrel, and international benchmark Brent futures decreased by 3.9% to $83.89 per barrel.
- Before the recent disruptions, approximately 20% of the world's oil supplies transited through the Strait of Hormuz. The Pakistani Prime Minister, Shehbaz Sharif, who acted as a mediator, stated that the U.S. and Iran have also agreed to an immediate and permanent cessation of military operations on all fronts, including in Lebanon.
- The official signing of the peace deal is scheduled to take place in Switzerland on June 19. Mediators are facilitating meetings this week to prepare for technical discussions and the final signing ceremony, with both nations commended for their commitment to a diplomatic resolution.
