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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