Foreign: Oil prices fell to their lowest since March on Monday after US President Donald Trump and Iran’s deputy foreign minister said they had reached a preliminary agreement to end the war and resume traffic through the Strait of Hormuz.
According to Reuters on June 15, 2026, Brent crude fell $3.58, or 4.10%, to $83.75 a barrel and U.S. West Texas Intermediate crude was at $80.87, down $4.01, or 4.72%. Both fell more than 3% on Friday.
The United States and Iran will sign a memorandum of understanding in Switzerland on Friday, according to the Pakistani prime minister, who served as the mediator. Trump said on Sunday that the Strait of Hormuz would open “freely” and that the US blockade of Iranian ports would also end.
Iran’s semi-official Mehr news agency reported that the draft agreement called for the Strait of Hormuz to be reopened within 30 days under Iranian arrangements.
“The geopolitical risk premium built into crude is now being significantly reduced as traders price in the prospect of restored oil flows,” said Tim Waterer, chief market analyst at KCM Trade.
Translated by Nay Tola
