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Oil Prices Fall More Than 4% as US-Iran Deal Eases Hormuz Supply Fears

By Siti4 min read
An F-35B Lighting II, attached to Marine Fighter Attack Squadron (VMFA) 121, takes off from the flight deck of America-class amphibious assault ship USS Tripoli (LHA 7), May 13, 2026. Tripoli is deployed to the U.S. 5th Fleet area of operations to support maritime security and stability in the Middle East. (U.S. Navy photo)

Singapore, 15 June 2026 – Oil prices fell more than 4% after the United States and Iran reached a preliminary peace agreement that could reopen the Strait of Hormuz, easing one of the biggest supply-risk premiums in global energy markets.

Brent crude dropped to about US$83.75 per barrel, while US West Texas Intermediate fell to around US$80.87, as traders moved quickly to price in the possibility that disrupted energy flows through one of the world’s most important shipping routes could begin normalising.

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Author

  • Siti is a news writer specialising in Asian economics, Islamic finance, international relations and policy, offering in-depth analysis and perspectives on the region’s evolving dynamics.