Oil prices tumble and markets rally amid hopes strait of Hormuz will reopen

Donald Trump posts ‘Let the oil flow’ as US-Iran peace deal sparks immediate drop for Brent crude Middle East crisis: live updates Peace deal between US and Iran announced, with strait of Hormuz expected to reopen What do we know about the US-Iran peace deal – and what questions remain? Global oil prices have tumbled and stock markets rallied amid fresh hopes that a US-Iran peace deal may end the greatest energy supply crisis in the history of the market. The price of Brent crude dropped 4% to below $84 (£62) a barrel as the new trading week began in financial centres across Asia-Pacific, amid optimism that the strait of Hormuz could reopen shortly and bring a return of Gulf oil exports to the market. Continue reading...

Jillian Ambrose, Jonathan Barrett and Lauren Almeida · Mon, Jun 15, 2026, 12:27 AM
US news | The Guardian

Oil prices tumble and markets rally amid hopes strait of Hormuz will reopen

Donald Trump posts ‘Let the oil flow’ as US-Iran peace deal sparks immediate drop for Brent crude

Global oil prices have tumbled and stock markets rallied amid fresh hopes that a US-Iran peace deal may end the greatest energy supply crisis in the history of the market.

The price of Brent crude dropped 4% to below $84 (£62) a barrel as the new trading week began in financial centres across Asia-Pacific, amid optimism that the strait of Hormuz could reopen shortly and bring a return of Gulf oil exports to the market.

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