Oil prices tumbled to a more than three-month low on Monday (June 15, 2026) as Iran and the United States agreed on a peace deal – potentially putting an end to the more than hundred-day conflict in the West Asian region that caused the closure of the Strait of Hormuz.

When trade commenced on Monday (June 15, 2026), Brent crude futures (August) had slipped nearly 5% at $87.33 per barrel – its lowest level in more than three months.

Similarly, West Texas Intermediate (WTI) had also declined 5.73% to touch a similar low at $80.01 per barrel.

At the time of writing, Brent crude futures (August) had recovered from the earlier low but were still more than 4.44% lower at $83.45 per barrel.

WTI crude futures were more than 5% lower at $80.61 per barrel.

In a late-night announcement (Indian Standard Time), U.S. President Donald Trump announced that the peace deal with Iran was “complete”.

“The deal with the Islamic Republic of Iran is now complete,” he wrote on his social media, adding, “I hereby fully authorise the toll-free opening of the Strait of Hormuz, and simultaneously herewith, authorise the immediate removal of the United Naval blockade. Ships of the World, start your engines. Let the oil flow!”

The deal is scheduled to be signed in Geneva on Friday (June 19, 2026).

U.S. and Iranian negotiators have reached a tentative agreement to extend the ceasefire by 60 days and launch talks on Iran’s nuclear program, according to a U.S. official familiar with the matter.

The official, who was not authorised to comment publicly and spoke on condition of anonymity, said President Donald Trump still needs to sign off on the emerging memorandum of understanding.

The tentative agreement worked out by the two sides comes at a moment when the fragile ceasefire between the U.S. and Iran appeared to be wavering.

The U.S. military earlier on Thursday (May 28, 2026) accused Iran of violating the ceasefire after Kuwait reported coming under attack following an American strike against the Islamic Republic. It was the latest flare-up of fighting to threaten ongoing negotiations to end the war.

Details of the tentative agreement were first reported by the news outlet Axios.

Pakistan on Sunday (April 26, 2026) eased some restrictions, allowing selective movement of heavy traffic in the twin cities of Islamabad and Rawalpindi as there was no immediate possibility of another round of U.S.-Iran talks.

Pakistan had implemented strict security measures in anticipation of the second round of talks between the U.S. and Iran. More than 10,000 security personnel were deployed, and both Islamabad and Rawalpindi were shut down to manage heavy traffic since last Sunday (April 26, 2026).

The world had barely caught its breath as a U.S.-Iran ceasefire came into force for two weeks on Wednesday (April 8, 2026), when Israel intensified its attacks on Lebanon, killing over 250 people.

U.S. President Donald Trump bashed NATO and appeared to renew his threats over Greenland after a closed-door meeting with alliance chief Mark Rutte, during which he was expected to discuss possibly leaving the pivotal security bloc.

Mr. Trump’s outrage at NATO allies over their failure to join in his war against Iran had prompted fears he would seek to pull the United States out of the nearly eight-decade-old alliance.