SynopsisBrent Crude oil price : Brent crude futures fell $3.58, or 4.10%, to $83.75 a barrel, while U.S. West Texas Intermediate crude declined $4.01, or 4.72%, to $80.87. Both benchmarks had already fallen more than 3% on Friday.Listen to this article in summarized formatETMarkets.comCrude oil price: Analysts cautioned that even if the ceasefire holds, shipping through the Strait of Hormuz may take months to normalizeOil prices dropped to their lowest level since March on Monday after U.S. President Donald Trump and Iran's deputy foreign minister said an initial agreement had been reached to end the war and restore shipping through the Strait of Hormuz.Crude oil price on June 15Brent crude futures fell $3.58, or 4.10%, to $83.75 a barrel, while U.S. West Texas Intermediate crude declined $4.01, or 4.72%, to $80.87. Both benchmarks had already fallen more than 3% on Friday."The Deal with the Islamic Republic of Iran is now complete," Trump wrote on his Truth Social platform. “Ships of the world, start your engines. Let the oil flow”, he added. Trump said on Sunday that vessels would be able to pass through the Strait of Hormuz "toll free" and that a U.S. naval blockade of Iranian ports would be lifted.Pakistan, which has acted as a mediator between the two sides, said the U.S. and Iran would sign a memorandum of understanding in Switzerland on Friday. Iran's semi-official Mehr news agency reported that the draft agreement includes a provision to reopen the Strait of Hormuz within 30 days under arrangements overseen by Iran. The country’s Deputy Foreign Minister Kazem Gharibabadi said negotiations on a broader agreement would continue during a proposed 60-day ceasefire period.The deal also includes Lebanon, a region that has remained one of the most contentious issues in the negotiations, with Israel and Hezbollah continuing to exchange attacks despite repeated calls from Trump and others to halt hostilities in recent weeks.The closure of the Strait of Hormuz for more than three months has removed millions of barrels of oil and gas supply from global markets. The waterway is a key route for roughly one-fifth of the world's oil and liquefied natural gas shipments.Read More: Uday Kotak questions SpaceX valuation, says only time will tell if we're in ‘mega bubble'Where are prices headed?Market participants are now closely monitoring how quickly producers in the Middle East can restore oil output and exports after wartime disruptions. Investors are also watching whether shipping traffic gradually returns to the region.Analysts cautioned that even if the ceasefire holds, shipping through the Strait of Hormuz may take months to normalize. They added that any damage to energy infrastructure could further delay the recovery process.Last month, Saudi Aramco Chief Executive Officer Amin Nasser warned that disruptions in the Strait of Hormuz could postpone stability in global oil markets until 2027. He said prolonged interruptions could affect nearly 100 million barrels of oil supply every week. Saudi Aramco remains the world's largest oil producer.Also Read: F&O Talk: Bullish Nifty charts; Sudeep Shah picks 7 stocks, outlines HDFC Bank, Sterlite Tech strategy(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)Read More News on(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price...moreless(You can now subscribe to our ETMarkets WhatsApp channel)Read More News on(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price...moreless