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Oil hits 3-month low as US, Iran reach peace deal to reopen Strait of Hormuz

World News

15-06-2026 | 06:10

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Oil hits 3-month low as US, Iran reach peace deal to reopen Strait of Hormuz

Oil prices slipped to a three-month low on Monday after U.S. President Donald Trump and Iran's deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz.

Brent crude futures fell $4.39, or 5%, to $82.94 a barrel by 0943 GMT and U.S. West Texas Intermediate was at $80.26, down $4.62, or 5.4%. Both contracts fell to their lowest levels since March 10 on Monday after tumbling more than 3% on Friday.

"It will take time for oil to approach the pre-crisis level of 20 million barrels per day sailing through this chokepoint. Estimates of the full resumption of traffic vary from weeks to months," said Tamas Varga, analyst at PVM Oil Associates.

Reuters

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