Oil drops to $80 a barrel and markets rise as Trump touts Iran deal

Published on

15/06/2026 - 10:09 GMT+2

Crude prices retreated on Monday as US President Donald Trump confirmed a peace agreement with Iran and both sides announced a lifting of their respective blockades of the Strait of Hormuz.

At the time of writing, the front month contract on US West Texas Intermediate (WTI) crude was down almost 6% from Friday's close to roughly $80 per barrel, while Brent crude, the international standard, dropped around 5% to about $83 per barrel.

The specific concessions made by each side are still unclear and there are questions surrounding whether the Prime Minister of Israel will respect the withdrawal of troops from southern Lebanon, which, according to the Prime Minister of Pakistan is included in the deal.