Crude oil just had its worst session in months, and the ripple effects are reaching well beyond energy markets.
Brent crude futures dropped $3.29, or 4%, to $79.88 a barrel. West Texas Intermediate fell even harder, sliding $3.82, or 4.7%, to $76.93. Both benchmarks hit their lowest levels since early March 2026, back before the US-Iran conflict had fully priced itself into global energy markets.
The catalyst: a framework agreement between Washington and Tehran, announced on June 14 by President Trump, with a formal signing expected around June 19 in Geneva. The deal aims to end hostilities and restore free navigation through the Strait of Hormuz, the narrow waterway through which a massive share of global oil transits daily.
What the deal actually changes
The conflict that drove oil prices higher began in late February 2026, when US and Israeli military actions against Iran triggered retaliatory restrictions on shipping through the Strait of Hormuz.
