Foreign: Oil prices fell more than $1 a barrel on Thursday after the United States and Iran signed an interim deal that would end the Iran-Iraq war, reopen the Strait of Hormuz and lift U.S. sanctions on Tehran’s oil, boosting the outlook for oil supplies.
Brent crude fell $1.64, or 2.06%, to $77.91 a barrel, and U.S. West Texas Intermediate crude fell $1.80, or 2.34%, to $74.99 a barrel, according to Reuters on June 18, 2026.
The 14-point memorandum begins a 60-day negotiation period during which Iran will allow free passage through the Strait of Hormuz, a key oil shipping route. and vital gas. The agreement calls for full restoration of traffic through the strait within 30 days.
The preliminary agreement postpones several difficult issues, such as Iran’s nuclear program, and requires the United States and its partners to plan for $300 billion to finance Iran’s recovery.
Translated by Nay Tola
