Oil Prices Continue to Fall as Traders Assess U.S.-Iran Deal

Oil prices fell further on Tuesday, extending declines spurred by the United States and Iran’s announcing on Sunday that they had reached a preliminary agreement to end the war. Stocks were mixed after rising in recent days.

Despite the drop in oil prices, they are still more than 10 percent higher since Iran effectively closed the Strait of Hormuz in retaliation for U.S.-Israeli strikes on Iran starting in late February. Hundreds of ships remain stranded in the Persian Gulf unable to transport oil and gas to global markets.

The shipping industry has reacted warily to news of the deal, which the United States and Iran are expected to sign officially on Friday. The text of the agreement has not been released.

Article source: https://www.nytimes.com/2026/06/16/business/oil-prices-iran-war.html