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Oil prices fluctuate as Trump's Iran deal could fully reopen Strait of Hormuz

President Donald Trump announced a deal between the US and Iran to reopen the Strait of Hormuz waterway. Oil prices fell sharply following the announcement. Some analysts suggest prices may remain high as buyers refill emergency crude stockpiles.

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What changed

New reports confirm the deal includes a halt to recent hostilities in the Middle East.

Live updates

  1. Oil Prices Shift Following US-Iran Agreement to Reopen Strait of Hormuz

    President Donald Trump announced a deal between the US and Iran to reopen the Strait of Hormuz waterway. Oil prices fell sharply following the announcement. Some analysts suggest prices may remain high as buyers refill emergency crude stockpiles.

    What's confirmed:

    • The US and Iran reached a deal to reopen the Strait of Hormuz.
    • Oil prices fell sharply after the US-Iran agreement was announced.

    Still unconfirmed:

    • Iranian leverage in the Strait of Hormuz will continue to affect oil markets and shipping costs.
    • Oil and gas prices may not return to prewar levels for months.
    confidence 90%

  2. Oil Prices Drop as US-Iran Deal Reopens Strait of Hormuz

    Crude oil prices have fallen below $80 per barrel as the US-Iran deal reopens the Strait of Hormuz. Global prices are returning to levels seen before the war in Iran. This shift follows the unblocking of international Iranian oil sales and increased tanker transit.

    What's confirmed:

    • Oil prices have fallen below $80 per barrel.
    • The US-Iran deal reopens the Strait of Hormuz.
    • Oil prices have returned to near pre-war levels.

    Still unconfirmed:

    • US gas prices could take months to recede to pre-war levels.
    • A veteran trader predicts a $135 oil price shock.
    confidence 90%

  3. Oil Prices Drop as US-Iran Deal Restores Strait of Hormuz Traffic

    Crude prices have fallen to their lowest level in over three months, dipping under $80 per barrel. A 14-point memorandum of understanding between the Trump administration and Iran aims to end the war and reopen the Strait of Hormuz. Tanker traffic is increasing, though some risks like mines persist.

    What's confirmed:

    • The US and Iran signed a 14-point memorandum of understanding to end the war and reopen the Strait of Hormuz.
    • Crude oil prices fell to under $80 per barrel, the lowest level in more than three months.
    • Tanker traffic in the Strait of Hormuz has increased as more oil supply enters the market.
    • Negotiations between the two nations took place at a Swiss resort in Bürgenstock.

    Still unconfirmed:

    • Mines remain a threat to shipping in the Strait of Hormuz.
    • President Trump threatened fresh strikes on Iran.
    confidence 90%

  4. Oil Prices Drop as US-Iran Interim Peace Deal Takes Effect

    The US and Iran signed an interim peace deal to end a 15-week war. Tankers have begun transiting the Strait of Hormuz to restore energy flows. Some shipping disruptions persist for non-energy cargoes like fertilizer.

    What's confirmed:

    • The US and Iran signed an interim peace deal to end their conflict.
    • The Strait of Hormuz is reopening to restore disrupted energy flows.
    • Oil prices fell following the agreement.

    Still unconfirmed:

    • Brent crude fell 4.8% to $83.
    • The full reopening of the Strait of Hormuz may take weeks due to security checks and backlogs.
    • Shipowners carrying fertilizer cargoes remain trapped without operational guidance.
    confidence 90%

  5. Oil Prices Drop as U.S. and Iran Agree to Reopen Strait of Hormuz

    The U.S. and Iran reached a preliminary pact to end their war and reopen the Strait of Hormuz. This agreement caused oil prices to fall and stocks to rise. Negotiations regarding Tehran's nuclear program remain ongoing.

    What's confirmed:

    • U.S. and Iranian officials reached an agreement to end their war and reopen the Strait of Hormuz.
    • Oil prices fell following the announcement of the agreement.

    Still unconfirmed:

    • The agreement to reopen the Strait of Hormuz would take effect immediately.
    • Joint U.S.-Israeli strikes on Iran in February killed thousands.
    confidence 90%

  6. Oil Prices Drop as US and Iran Agree to Reopen Strait of Hormuz

    Crude oil prices fell to their lowest levels in months after President Trump signed a deal with Iran to reopen the Strait of Hormuz. US gas prices have dropped below $4 for the first time since March. Experts warn the global economy will still feel the war's effects for several months.

    What's confirmed:

    • President Trump signed an agreement with Iran to reopen the Strait of Hormuz.
    • Crude oil prices sank to their lowest levels in months.
    • US gas prices dropped below $4 for the first time since March.

    Still unconfirmed:

    • US gas prices remain 25% higher than last year.
    • Brent Crude crossed $80 per barrel.
    • Weather conditions could interrupt the fall of gas prices.
    confidence 90%

  7. Oil Prices Drop as US and Iran Reach Deal to Reopen Strait of Hormuz

    Brent crude hit a three-month low following a peace agreement between the US and Iran. The deal aims to reopen the Strait of Hormuz and end a 15-week conflict. While markets rallied, analysts warn that high costs for gas and groceries may persist.

    What's confirmed:

    • Donald Trump stated the US reached a deal with Iran to reopen the Strait of Hormuz.
    • The agreement follows a 15-week conflict that disrupted global oil markets.
    • Oil prices fell to a three-month low and the lowest since early March after the deal news.
    • Trump posted "Let the oil flow" and stated "The Deal with the Islamic Republic of Iran is now complete" on Truth Social.

    Still unconfirmed:

    • The deal is set to be signed on Friday, June 19.
    confidence 90%