Oil Slumps Near $80 as U.S.-Iran Deal Reopens Hormuz

Oil prices have collapsed toward $80 a barrel after the U.S. and Iran signed a memorandum to end hostilities and reopen the Strait of Hormuz for 30 days. The drop follows a volatile week that began with Brent spiking above $97 on June 8 after Iran-Israel strikes, eased on early deal hopes, then surged again past $92 when U.S. strikes resumed on June 10 before plunging below $84 by June 12. European equities extended gains on June 15, with the STOXX 600 up 0.8% and DAX rising 1.4%, while WTI settled near $81.23, easing inflation concerns and supporting risk assets.