Global oil prices dropped more than 4% in Asian markets after Pakistan announced that the US and Iran had reached a conflict resolution agreement. Meanwhile, Trump confirmed that the Strait of Hormuz would reopen to navigation, signaling eased concerns over the global energy crisis.
On 15 June 2026 GMT+7, global oil prices fell rapidly during Asian morning trading after Shehbaz Sharif, Prime Minister of Pakistan and mediator in the talks, revealed that the US and Iran had reached a conflict resolution agreement. The official signing ceremony is scheduled for 19 June in Switzerland.
Brent crude oil, the global market benchmark, fell 3.8% to $84.02 per barrel, while US West Texas Intermediate crude dropped 4.1% to $81.40 per barrel.
US President Donald Trump posted on social media, "Oil will flow again," reflecting the reopening of the Strait of Hormuz, one of the world's most important energy shipping routes.
The Strait of Hormuz, a passageway for about 20% of global crude oil and liquefied natural gas trade, had been blocked after US and Israeli attacks on Iran on 28 February. Iran declared it would target vessels using this route, causing worldwide energy market concerns about supply disruptions.
Over the past several months, oil prices have been highly volatile due to Middle East tensions. Brent crude, which was around $70 per barrel before the conflict, surged to about $120 per barrel at the peak of the crisis.
Source: BBC