US-Iran Peace Deal Reopens Hormuz; WTI Tumbles to March Low of $80.87

Oil prices plunged more than 4% on June 15 after the US and Iran finalized a ceasefire and agreed to reopen the Strait of Hormuz. The breakthrough followed weeks of volatility that included Iranian presidential resignation, repeated US and Israel-Iran strikes, and OPEC+ output hikes. Earlier surges above $94 gave way to sharp selloffs as de-escalation reduced supply-risk premiums, with July WTI falling 4.63% to $80.95 and Brent dropping 4.02% to $83.82. The deal includes an immediate halt to hostilities, naval blockade unwind, and 60-day sanctions talks after asset unfreezing, though Tehran warned forces remain on alert.