{"id":1997,"date":"2026-06-15T04:38:34","date_gmt":"2026-06-15T04:38:34","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=1997"},"modified":"2026-06-15T04:38:34","modified_gmt":"2026-06-15T04:38:34","slug":"oil-slips-4-as-us-iran-reach-peace-deal-to-reopen-strait-of-hormuz","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=1997","title":{"rendered":"Oil slips $4 as US, Iran reach peace deal to reopen Strait of Hormuz"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>SINGAPORE, June 15 (Reuters) &#8211; Oil prices slipped to their lowest since March on Monday after U.S. President Donald Trump \u200cand Iran&#8217;s deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz.<\/div>\n<div>Brent crude futures fell $4.08, or 4.7%, to $83.25 a barrel by 0415 GMT and U.S. West Texas Intermediate was at $80.53, down $4.35, or 5.1%. Both contracts \u200bfell to their lowest levels since March 10 on Monday after tumbling more than 3% on Friday.<\/div>\n<div>The U.S. and \u200bIran will sign a memorandum of understanding in Switzerland on Friday, said the prime minister of \u2060Pakistan, whose country has served as a mediator. Trump said on Sunday that the Strait of Hormuz would be open &#8220;toll \u200bfree&#8221; and that a U.S. naval blockade of Iranian ports would also end.<\/div>\n<div>Iran&#8217;s semi-official Mehr news agency said the draft \u200bdeal called for reopening the Strait of Hormuz within 30 days under Iranian arrangements.<\/div>\n<div>&#8220;The geopolitical risk premium that had been built into crude is now being unwound quite aggressively as traders price in the prospect of restored oil flows,&#8221; said Tim Waterer, chief market analyst at KCM Trade.<\/div>\n<div>The \u200bworld has lost millions of barrels of oil and gas supply since the war closed the Strait of Hormuz, a \u200bchokepoint for a fifth of the world&#8217;s oil and liquefied natural gas supplies, for more than three months.<\/div>\n<div>Investors are also watching cautiously how \u200cquickly \u2060Middle Eastern producers can resume oil production and exports following damage from the war and whether more ships will enter the region.<\/div>\n<div>&#8220;While these uncertainties suggest upside risks to our forecast for Brent oil futures to reach $80\/bbl by the end of the year, it&#8217;s worth noting that oil flows through the Strait of Hormuz just needs to reach 60-70% of pre-war levels to return \u200boil markets to pre-war oversupply \u200bexpectations,&#8221; Vivek Dhar, a \u2060commodities strategist at Commonwealth Bank of Australia, said in a note.<\/div>\n<div>Iran&#8217;s deputy foreign minister, Kazem Gharibabadi, said a more expansive agreement would be negotiated during a 60-day ceasefire period.<\/div>\n<div>E4 nations, which \u200binclude the UK, France, Germany and Italy, said on Sunday the countries were prepared to lift \u200bsanctions on Iran \u2060in response to steps on its nuclear programme.<\/div>\n<div>&#8220;Beyond the immediate price reaction, attention will now shift toward the pace of actual supply normalization and compliance with the agreement,&#8221; said Priyanka Sachdeva, senior market analyst at Phillip Nova.<\/div>\n<div>&#8220;While the conflict may have come to \u2060an end \u200band oil flows through the Strait of Hormuz may gradually return to \u200bnormal, the damage already done cannot be reversed overnight. This includes not only any physical damage to oil infrastructure but also the economic strain endured by \u200boil importing economies that have faced elevated energy costs for months.&#8221;<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=1995\">Trump veers toward exit in Iran war but risks loom<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=1994\">Shares jump, oil skids in Asia on news of Gulf deal<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=1993\">Fragile Iran deal offers oil relief, but Hormuz risks remain<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investors are watching cautiously how quickly Middle Eastern producers can resume oil production and exports following damage from the war and whether more ships will enter the region.<\/p>\n","protected":false},"author":1,"featured_media":1996,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[21,46,29],"class_list":["post-1997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-energy","tag-fuel-oil","tag-transport-fuels"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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