Oil prices dropped sharply Monday after President Trump declared the Iran deal complete and announced the immediate, toll-free reopening of the Strait of Hormuz, easing fears of energy supply disruptions. Brent crude fell to $83.75 and WTI to $80.87.
Middle East conflict jitters are pushing oil prices higher, with Brent crude and WTI futures seeing gains. Ceasefire talks with Iran are reportedly "on life support" following Tehran's response to a US proposal, which included broader regional demands. The Strait of Hormuz, a vital oil passage, remains a key flashpoint, with Iran asserting control, raising concerns about global energy supplies.
Brent futures with delivery in July 2026 tumbled 10.99% to $97.79 a barrel
Brent oil futures with delivery in June 2026 climbed above $102 per barrel for the first time since April 13, 2026, on London-based ICE. Brent prices gained 3.58% to $102.01 per barrel before settling at $101.91, up 3.48%. WTI futures rose 3.86% to $93.13 per barrel.
