June 15, 2026
Oil prices fell sharply on Monday while global equities rallied after the United States and Iran announced a deal to end their conflict and reopen the Strait of Hormuz, easing fears of supply disruptions.
The two countries confirmed the agreement following a mediation effort by Pakistan, with a formal signing ceremony expected in Switzerland on June 19. The deal is aimed at ending a three-month conflict that had previously driven up energy prices and raised inflation concerns worldwide.
The Strait of Hormuz — a key shipping route for about 20% of global crude oil — had been effectively closed after the escalation of tensions involving US-Israel strikes on Iran.
“The Deal with the Islamic Republic of Iran is now complete,” US President Donald Trump wrote on social media on Sunday, adding that he had authorised the reopening of the waterway and calling for the resumption of global oil shipments.
