Brent crude dipped below $80 per barrel in mid-June 2026, marking the first time the global benchmark has traded at that level since early March, before the Iran conflict sent energy markets into a sustained panic.
The catalyst: a US-Iran peace deal framework announced around June 14-15 that includes provisions to reopen the Strait of Hormuz and lift the US naval blockade. Oil prices dropped 4-6% on the news alone.
From $100 to $79: a four-month rollercoaster
To understand why sub-$80 oil feels like a relief, you need to rewind to late February. US-Israel strikes on Iran began on February 28, and by early March the Strait of Hormuz, a narrow chokepoint through which roughly 20% of the world’s oil supply travels, had effectively shut down. Traffic through the Strait fell to near-standstill levels starting around March 4.
Brent crude surged above $100 per barrel at its peak, reaching as high as $120. Now, with Brent touching a low in the range of $78.94 to $79.96 per barrel, the market is collectively exhaling.
