Oil Slumps as US-Iran Deal May Allow Strait of Hormuz to Reopen (opens original article in a new tab)

Oil prices fell after Trump claimed a deal with Iran was complete, potentially reopening the Strait of Hormuz, while European natural gas futures also declined.

• Oil prices dropped after Trump announced a deal with Iran potentially reopening the Strait of Hormuz
• Brent crude fell over 3% to $84 a barrel, WTI near $81
• Pakistani PM stated the agreement would be signed in Switzerland on June 19 with military operations in Lebanon to end
• Iran confirmed the agreement and mentioned the memorandum text would be published after signing
• European natural gas futures fell up to 5.8%