&imwidth=800&imheight=600&format=webp&quality=medium "'Let the oil flow': Crude prices down to $81.15 as US, Iran announce 'immediate end' to hostilities")
Oil prices tumbled on Monday (Jun 15) after the United States and Iran announced a peace agreement that could bring an end to months of conflict and restore the flow of energy supplies through one of the world's most important maritime routes.
Also read | 'Enemy had no choice but surrender': Iran claims victory as US agrees to 'permanently' end war
Markets feel relief, oil prices down 4%
US benchmark West Texas Intermediate (WTI) crude fell more than four per cent (4%) in early Asian trading, dropping to $81.15 a barrel as traders reacted to news that Washington and Tehran had agreed to halt military operations.
The breakthrough came after Pakistan, which has been mediating between the two sides, announced that an agreement had been reached to bring an "immediate and permanent" end to hostilities across the region, including in Lebanon.
US President Donald Trump quickly confirmed the development, declaring that a deal with Iran was complete and announcing the reopening of the Strait of Hormuz, the narrow waterway through which roughly one-fifth of the world's crude oil supply passes.
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"I hereby fully authorise the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorise the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!" Trump said in a statement.
Iran confirms "immediate end" to war
Iran said that the newly announced agreement had brought an immediate end to the war between the two countries.
The prospect of oil tankers once again moving freely through the Strait of Hormuz was enough to send energy markets sharply lower. Since the conflict began, fears of supply disruptions in the Gulf had driven oil prices higher and fuelled concerns about inflation, shipping costs and global economic growth.
Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.
