June 15, 2026
Oil prices dropped towards $80 a barrel and stocks rallied on Monday after Washington and Iran reached a deal to end the Middle East war and reopen the Strait of Hormuz, sending a wave of relief through global markets.
The strait, through which roughly 20 percent of the world’s crude oil supply normally transits, was effectively closed by Tehran after the US and Israeli strikes on Iran in late February, sending energy prices soaring.
The peace deal is to be sealed with a signing ceremony in Switzerland on Friday, ending three months of conflict that have revived fears of a prolonged inflation spike.
Crude prices shed about five percent, having surged above $110 soon after the conflict began.
