Crude prices plunge, stocks surge on US-Iran peace deal
A small boat moves along the shoreline where an a cargo vessel, tugboat and industrial barge are all anchored in the Strait of Hormuz off Bandar Abbas, Iran, Monday, June 1, 2026. (Amirhosein Khorgooi/ISNA via AP)
Oil prices tumbled and stocks soared on June 15 after the United States and Iran said they had reached a deal to end their war that will reopen the Strait of Hormuz, sending a wave of relief through global markets.
The two sides confirmed an announcement from mediator Pakistan, with a signing ceremony set to take place in Switzerland on June 19, bringing an end to three months of conflict that has sent energy prices soaring and revived fears of another inflation spike.
The Strait — a vital maritime chokepoint through which roughly 20 percent of the world's crude oil supply transits — was effectively closed by Tehran soon after U.S.-Israel strikes on Iran kicked off the conflict on February 28.
