Oil prices tumbled to a more than three-month low on Monday (June 15, 2026) as Iran and the United States agreed on a peace deal – potentially putting an end to the more than hundred-day conflict in the West Asian region that caused the closure of the Strait of Hormuz.

When trade commenced on Monday (June 15, 2026), Brent crude futures (August) had slipped nearly 5% at $87.33 per barrel – its lowest level in more than three months.

Similarly, West Texas Intermediate (WTI) had also declined 5.73% to touch a similar low at $80.01 per barrel.

At the time of writing, Brent crude futures (August) had recovered from the earlier low but were still more than 4.44% lower at $83.45 per barrel.

WTI crude futures were more than 5% lower at $80.61 per barrel.

In a late-night announcement (Indian Standard Time), U.S. President Donald Trump announced that the peace deal with Iran was “complete”.

“The deal with the Islamic Republic of Iran is now complete,” he wrote on his social media, adding, “I hereby fully authorise the toll-free opening of the Strait of Hormuz, and simultaneously herewith, authorise the immediate removal of the United Naval blockade. Ships of the World, start your engines. Let the oil flow!”

The deal is scheduled to be signed in Geneva on Friday (June 19, 2026).