World · 15 June 2026

Oil prices drop after US-Iran peace deal

Global oil prices have fallen sharply after Pakistan announced a framework peace deal between the US and Iran. The agreement means the Strait of Hormuz, a key shipping route, should reopen after being closed since February. Brent crude, the global benchmark, dropped 4.3% to $83.55 a barrel on Monday.

By BriefTea Editorial · 15 June 2026 at 7:40

Reported by BBC · How we write briefs

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