Shafaqna English– On Monday(15 Jun 2026), oil prices fell to their lowest point since March, following the announcement by U.S. President Donald Trump and Iran’s deputy foreign minister that they had struck a preliminary agreement to stop the war and reopen the Strait of Hormuz to shipping.
As of 0004 GMT, Brent crude futures dropped by $3.58, representing a 4.10% decline, reaching $83.75 per barrel. Meanwhile, U.S. West Texas Intermediate fell $4.01, or 4.72%, to $80.87. Both benchmarks had already fallen more than 3% on Friday(12 Jun 2026).
Pakistan’s prime minister, whose nation has served as a go-between, announced that the U.S. and Iran will sign an MOU in Switzerland on Friday. Trump said on Sunday that the Strait of Hormuz would be made open with no tolls, and that the U.S. naval blockade of Iranian ports would also cease.
Source: Reuters