Oil Prices Plunge 4% on Historic US-Iran Peace Framework to Reopen Strait of Hormuz

Global energy markets experienced a major shift on Monday, June 15, 2026, as crude oil prices plummeted more than 4%. The sharp decline followed announcements from Washington, Islamabad, and Tehran indicating that the United States and Iran have brokered an initial peace agreement to end their month-long conflict and fully reopen the vital Strait of Hormuz shipping corridor.