National

Oil slips over 4% after US, Iran reach peace deal, reopen Strait of Hormuz

By Reuters Reuters
FILE PHOTO: Cargo ships in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance in United Arab Emirates, March 11, 2026. REUTERS/Stringer/File Photo
FILE PHOTO: Cargo ships in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance in United Arab Emirates, March 11, 2026. REUTERS/Stringer/File Photo Stringer Reuters

SINGAPORE - Oil prices slipped on Monday after U.S. President Donald Trump and Iran's deputy foreign minister said they have reached a deal to halt the war and to resume traffic through the Strait of Hormuz.

Brent crude futures fell $3.51, or 4.02%, to $83.82 by 2203 GMT and U.S. West Texas Intermediate was at $80.95 a barrel, down $3.93, or 4.63%.

(Reporting by Florence Tan)

Copyright Reuters or USA Today Network via Reuters Connect.

This story was originally published June 14, 2026 at 3:10 PM.

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