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Business 15 Jun 2026

Oil prices drop to cheapest level since early days of Middle East conflict

Oil prices had already fallen quite dramatically on Thursday and Friday in anticipation of a deal. Trump has posted online that the Strait of Hormuz will reopen after the deal is signed this Friday.

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Crude oil prices are down sharply on Monday morning, after President Trump, Iranian leaders and Pakistani negotiators all indicated that a deal to end the war with Iran will be signed on Friday. Prices had already fallen significantly on Thursday and Friday in anticipation of a deal. At one point in this conflict, global oil prices had touched $126 a barrel. While oil prices remain elevated compared with prewar prices, which were in the $60s, they are now cheaper than they have been at any point since the very first days of this conflict. Cheaper crude oil should push U.S. gasoline prices down, which should in turn help with high levels of inflation. The war in Iran had driven the national average price up by as much as $1.50 a gallon; prices have eased in recent weeks, as crude prices dropped on expectations of a deal to reopen the Strait of Hormuz, but gasoline remains more than a dollar higher than the prewar average.

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