Oil Prices Fall After US-Iran Deal Framework Announcement
By jayesh chouhan 2026-06-15 15:12:49
Oil prices drop following news of US-Iran deal
A sharp decline in oil prices was recorded in Asian markets on Monday. This drop occurred after Pakistan—acting as a mediator in efforts to ease tensions between the US and Iran—announced a framework deal for a potential agreement.
US President Donald Trump stated that under this agreement, the Strait of Hormuz, a crucial shipping route, would be reopened.
The price of the global oil benchmark, Brent Crude, fell by 4.8% to $83.18 per barrel, while US crude oil dropped 5.6% to reach $80.13 per barrel. Pakistan's Prime Minister Shehbaz Sharif announced that the official signing ceremony for the agreement would be held in Switzerland on June 19.
Iran's Deputy Foreign Minister, Kazem Gharibabadi, confirmed via a telephone interview on state television that the agreement with the US had been finalized. Meanwhile, Trump wrote on social media, "Let the oil flow!"
However, Vandana Hari, founder of the energy market analysis firm Vanda Insights, notes that the lack of information regarding the agreement's actual nature and terms could increase anxiety and uncertainty among investors.
According to her, volatility and uncertainty are likely to persist in the oil market for the next few days until full details of the agreement are revealed.
It is worth noting that tensions over the Strait of Hormuz had escalated following airstrikes carried out by the US and Israel against Iran on February 28. Tehran had threatened to target ships passing through this vital maritime route.
This waterway is considered critical to global energy supplies, as approximately 20% of the world's oil and significant quantities of liquefied natural gas (LNG) are transported through it.
