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Global oil prices plunged more than 4% in Asian markets after Pakistan announced the US and Iran had reached an agreement to end their conflict, while Trump confirmed the Strait of Hormuz would reopen for shipping, signaling a relaxation of concerns about a global energy crisis. The announcement of a deal to end the conflict between the United States and Iran is a very welcome birthday gift for Donald Trump, even though it is shrouded in some uncertainty.
In a social media post announcing the deal, U.S. President Donald Trump said the Strait of Hormuz would be open to cargo ships and the U.S. would lift its naval blockade. In diplomatic negotiations of such high importance, success or failure often depends on details, and in this case, very few details have emerged. U.S. Vice President JD Vance told Fox News late Sunday (June 14) that Iran’s non-possession of nuclear weapons “is part of this agreement” and that the U.S. will be able to monitor compliance.
However, several important questions remain, including the limitations on uranium enrichment and what should be done with the highly enriched uranium that Iran currently possesses. Certainly, some of this will be resolved in the “technical” negotiations and discussions that will take place during the 60-day ceasefire extension. But if one thing is clear after decades of efforts to persuade and coerce Iran to abandon its nuclear ambitions, it is that nothing is guaranteed, regardless of whether the U.S. believes these issues are firmly written into this “Memorandum of Understanding.” Energy market experts warn that oil shipments through the Strait of Hormuz are unlikely to return to pre-war levels immediately. Clearing the large number of stranded tankers, removing mines, and restoring normal oil shipping and production could take weeks. With several days remaining before the formal signing, Iran and the United States still have time to agree on key details to ensure the deal’s success. However, there is also the possibility that the deal could fail.
Another uncertain variable is Israel. This has always been a three-way war, and Trump told the Wall Street Journal on Sunday (June 14) that he was furious that Israeli Prime Minister Benjamin Netanyahu ordered an attack on Lebanon over the weekend, which he believed could undermine the near-completed Iran deal. On June 15, 2026, global oil prices fell sharply in early Asian trading after Pakistani Prime Minister Shehbaz Sharif, who played a mediating role in the negotiations, revealed that the United States and Iran had reached an agreement to end their conflict. The formal signing ceremony for the agreement is scheduled for June 19 in Switzerland. The price of Brent crude oil, the global market benchmark, fell 3.8% to $84.02 per barrel, while the price of West Texas Intermediate (WTI) crude oil from the United States decreased 4.1% to $81.40 per barrel.
Meanwhile, U.S. President Donald Trump posted on social media that “the oil will flow again,” reflecting the reopening of the Strait of Hormuz, one of the world’s most important energy shipping routes. The Strait of Hormuz, a passageway for crude oil and liquefied natural gas, accounting for approximately 20% of global energy trade, has been blocked following the US and Israel’s February 28th attacks on Iran. Iran has since declared its readiness to attack ships using the route, raising concerns about supply disruptions in global energy markets. Over the past several months, oil prices have fluctuated wildly in response to the situation in the Middle East. Brent crude, which was around $70 per barrel before the war, surged to approximately $120 per barrel during the peak of tensions.
Read more at: https://www.thairath.co.th/news/foreign/2939543