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Oil prices fall after US-Iran deal announcement

2026-06-15 09:20:27Aktualitet SHKRUAR NGA REDAKSIA VOX

Oil prices fell in Asia on Monday after Pakistan, which has brokered an end to the US-Iran war, announced a framework deal that President Donald Trump said would see the reopening of the key shipping route of the Strait of Hormuz.

Brent crude, the global oil benchmark, fell 4.8% lower to $83.18 (£61.89) a barrel, while US-traded oil fell 5.6% to $80.13.

Pakistan's Prime Minister, Shehbaz Sharif, said an official signing ceremony will be held on Friday, June 19, in Switzerland.

Iran's Deputy Foreign Minister Kazem Gharibabadi confirmed in a phone call on state television that a deal with the US had been finalized, while Trump posted on social media "let the oil flow!".

But Vandana Hari from energy markets analysis firm Vanda Insights said the lack of details on what has been agreed is "likely to inject concern and uncertainty into the market".

This could mean a week of uncertainty and volatility for the oil market, she added.

The Strait of Hormuz had been effectively closed since the start of US and Israeli air strikes on Iran on February 28.

Tehran had threatened to attack ships using the crucial waterway, through which about 20% of the world's oil and liquefied natural gas (LNG) normally passes. Global energy markets have been on a wild ride in recent months, with prices often rising or falling sharply in response to developments in the US-Israeli war with Iran.

Brent crude, which was trading at around $70 a barrel before the conflict began, peaked at around $120 during the war. Energy market experts have also warned that oil movement through the strait is unlikely to immediately return to pre-war levels.

Andrew Lipow of consulting firm Lipow Oil Associates said the mines would first have to be cleared from the waterway, which could take anywhere from a few weeks to six months.

He also said that there are a large number of tankers waiting to use the waterway and that it could take weeks for oil production to resume and shiploads to return to normal levels.

Asian stock markets also rose on Monday as investors welcomed the deal.

Japan's Nikkei 225 stock index was 5.4% higher in morning trade, while South Korea's Kospi rose more than 5.5%.

The region was particularly hard hit by higher energy prices, as it depends heavily on the Middle East for its oil and LNG supplies./BBC


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