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Updated on: June 15, 2026 / 9:08 AM EDT
/ CBS News
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Oil prices tumbled after President Trump said the U.S. has reached a deal with Iran that will reopen the Strait of Hormuz, a vital Middle East waterway that accounts for roughly 20% of global crude. U.S. stocks are poised to surge when the market opens at 9:30 a.m. ET on optimism that the deal will bring relief to businesses and consumers after May inflation hit its highest level in more than three years.Brent crude, the international benchmark, fell $4.22, or 4.8%, to $83.11, while West Texas Intermediate, the U.S. standard, tumbled $4.41, or 5.2%, to $80.47. Wall Street is poised for a strong opening when trading begins at 9:30 a.m. ET. Futures for the S&P 500 pointed to a jump of 1.2%, while Dow Jones Industrial Average futures gained 0.9%.President Trump said the Strait of Hormuz will reopen Friday after the deal is signed, and the U.S. naval blockade on Iran will be lifted.Despite the cessation of hostilities in Iran, it may take several weeks for oil tanker traffic through the Strait of Hormuz to reach even 50% of its pre-war levels, according to analysts with political risk consultancy Eurasia Group. Energy experts said shipping and insurance companies will want to be confident the pact will hold, ensuring that oil and gas flows out of the region resume. While gas prices could ease in the coming weeks, they're unlikely to return to pre-war levels anytime soon, which could continue to put financial pressure on U.S. households and businesses, experts said.
