EL7.AI
CommoditiesHigh ImpactUpdated•Originally published 15 June 2026•Updated 15 June 2026•
2 min read

Oil Prices Plunge 5% as US and Iran Announce Landmark Peace Deal

An oil barrel labeled OIL -5% on a cracked rock, surrounded by documents titled U.S.-Iran Peace Agreement.

Key Facts

1Oil prices plunged 5% as Trump announced a landmark peace deal with Iran.
2The interim deal includes reopening the Strait of Hormuz, easing the global supply crunch.

Global energy markets experienced a dramatic shift as oil prices plunged 5% immediately following the announcement of a landmark peace deal between the United States and Iran. According to reports, President Trump announced the interim agreement aimed at ending hostilities and securing energy flows. The deal crucially includes the reopening of the Strait of Hormuz, effectively ending the global supply crunch that has rattled markets.

This geopolitical breakthrough arrives as markets were processing inventory data, with the American Petroleum Institute (API) reporting a sharp decline of 9.119 million barrels in crude stocks on June 9, 2026. In response to the news, major energy peers such as ExxonMobil and Chevron faced immediate selling pressure per market data, as analysts suggest that stabilizing navigation through the Strait of Hormuz could permanently strip away the geopolitical risk premium that bolstered prices over the past year.

Looking ahead, traders are monitoring technical support levels following the plunge, with a sharp focus on the US Inflation Rate (CPI) data due on June 10, 2026, to gauge overall demand. Market participants will also watch for the official EIA inventory report to confirm the trends suggested by the API data, which showed a much larger draw than the forecasted 3.4 million barrels.