Oil costs sink to lowest ranges in months after Trump touts Iran deal to reopen Strait of Hormuz

https://nypost.com/2026/06/15/business/oil-prices-sink-to-lowest-levels-in-months-after-trump-touts-iran-deal-to-reopen-strait-of-hormuz/

Crude oil prices sank to their lowest levels since at least March, and gasoline prices are expected to start dipping within a week or two, following President Trump’s announcement of an agreement with Iran to reopen the Strait of Hormuz.

Brent crude oil prices dropped 4.8% Monday to settle at $83.17 a barrel, while West Texas Intermediate crude plunged nearly 5% to $80.75 a barrel. US oil had briefly dropped below the $80 mark for the first time since March in early trading.

Though still higher than pre-war prices, the crude benchmarks fell to three-month lows after earlier hitting as high as $126 a barrel during the Middle East conflict.

Currently, prices at the gas pump are hovering around $4.06 per gallon, according to the latest data from the American Automobile Association.”If the peace holds, expect gas prices to begin dropping over the next one to two weeks in response to the decrease in crude oil prices,” Matthew Reisener, a senior national security analyst at the Center for Maritime Strategy, told The Post.