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Mon, 15 Jun 2026

Mon, 15 Jun 2026 Oil prices slide after Pakistan announces deal between US and Iran

Under the agreement, the key Strait of Hormuz waterway will be reopened, US President Donald Trump said.
Pakistan's prime minister said an official signing ceremony would be held on June 19 in Switzerland, but experts say a lack of detail about the agreement has injected unease and uncertainty into the market. The Strait of Hormuz had been closed since February 28 airstrikes by the US and Israel on Iran, which threatened to attack vessels using the crucial waterway. Global energy markets have seen wild price fluctuations in recent months due to the conflict. Energy experts warn that the movement of oil through the strait may not immediately return to pre-war levels, with mines needing to be cleared from the waterway (which could take up to 6 months) and a backlog of tankers waiting to use it. Asian stock markets rose on Monday as investors welcomed the deal, with Japan's Nikkei 225 share index increasing by 5.4% and South Korea's Kospi rising by over 5.5%.