Oil prices sink to lowest levels in months after Trump touts Iran deal to reopen Strait of Hormuz
New York Post
Last updated: June 16, 2026
President Trump announced an agreement with Iran to reopen the Strait of Hormuz, leading to a significant drop in crude oil prices. This development is expected to alleviate energy supply disruptions that have impacted global markets and US gasoline prices.
- Crude oil prices experienced a sharp decline following President Trump's announcement regarding an agreement with Iran to reopen the Strait of Hormuz. Brent crude fell by 4.8% to $83.17 a barrel, and West Texas Intermediate dropped 5.2% to $80.46 a barrel, reaching three-month lows.
- President Trump confirmed the completion of a deal with the Islamic Republic of Iran on Truth Social, authorizing the immediate opening of the Strait of Hormuz and the removal of the US naval blockade.
- The Strait of Hormuz, a crucial maritime route for approximately 20% of global oil supplies, is scheduled to reopen on Friday following the signing of a deal in Switzerland.
- US stock markets surged in response to the news, with the Dow Jones Industrial Average, S&P 500, and Nasdaq all showing significant gains. Traders anticipate a swift resolution to the energy supply disruption that had previously contributed to rising US gasoline prices and inflation.
