An oil tanker is moved to its berth at the crude oil terminal at the port in Qingdao, in China’s eastern Shandong province on June 14, 2026.
Oil prices tumbled and stocks soared Monday 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 US-Israel strikes on Iran launched the conflict.
"The Deal with the Islamic Republic of Iran is now complete," US President Donald Trump wrote on social media Sunday as he marked his 80th birthday.
