Oil prices fall about 5% as Iran deal is set to open Hormuz Strait

• President Donald Trump said Sunday the Iran deal is “now complete.”
• The Strait of Hormuz will reopen without a toll system and the U.S. will end its naval blockade of Iran, the president said.
• Pakistan Prime Minister Shehbaz Sharif said earlier Sunday that the U.S. and Iran have declared an immediate and permanent termination of military operations.

Oil prices tumbled nearly 5% Monday, after President Donald Trump said the U.S. has completed a deal with Iran to reopen the Strait of Hormuz.

U.S. crude oil futures dropped about 4.9% to close at $80.75 per barrel. Brent futures, the international benchmark, lost about 4.8% to settle at $83.17.

Source: https://www.cnbc.com/2026/06/14/oil-price-iran-war-strait-hormuz-peace-deal.html