{"id":1785,"date":"2026-06-16T04:32:08","date_gmt":"2026-06-16T04:32:08","guid":{"rendered":"https:\/\/arizonamovinginsider.com\/?p=1785"},"modified":"2026-06-16T04:32:08","modified_gmt":"2026-06-16T04:32:08","slug":"oil-prices-hit-three-month-lows-on-us-iran-agreement","status":"publish","type":"post","link":"https:\/\/arizonamovinginsider.com\/?p=1785","title":{"rendered":"Oil prices hit three-month lows on US-Iran agreement"},"content":{"rendered":"
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Oil prices sank Monday, hitting their lowest levels in more than three months, after the United States and Iran said they had reached an agreement that would end a US blockade of Iranian ports and reopen the vital Strait of Hormuz.<\/p>\n

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Brent crude, the global oil benchmark, fell 5% to $82.91 a barrel shortly after 5 a.m. ET, having settled Friday at its lowest level since March 5, the first week of US-Israeli airstrikes against Iran. US crude dropped 5.5% to $80.21, also its lowest since early March. Both have fallen around $10 a barrel over the past week.<\/p>\n

However, crude prices remain around $10 a barrel higher than they were before the United States and Israel launched attacks on Iran in late February \u2013 and it could take many months for them to return to pre-war levels.<\/p>\n

RELATED STORY | <\/b>Countries welcome US-Iran deal, but key details and energy market impacts remain unclear<\/b><\/p>\n

\u201cSentiment has clearly improved\u2026 but sentiment is not the same as supply,\u201d Rystad Energy\u2019s chief economist Claudio Galimberti wrote in a note Monday.<\/p>\n

Markets have cheered apparent progress, but the oil market still has significant work ahead to return the flow of crude to normal. The Strait of Hormuz needs to be de-mined, ships need to be able to freely flow in and out of the strait, Middle East production needs to come back online, emergency petroleum reserves need to be refilled, and damaged energy facilities need to be repaired.<\/p>\n

Oil analysts widely believe oil prices will remain elevated for quite some time. Even though prices may fall initially, they\u2019re widely expected to bounce back once demand rises again \u2014 and particularly when emergency stockpiles get refilled.<\/p>\n

Trump posted late Sunday afternoon on social media that a deal with Iran \u201cis now complete.\u201d The full text of the agreement has not yet been published, but the memorandum is expected to be signed Friday in Switzerland.<\/p>\n

Both Trump and Iran\u2019s deputy foreign minister for legal and international affairs signaled that the US blockade of Iran\u2019s ports will be removed. Trump also said mines will need to be removed from the Strait of Hormuz, a crucial waterway for global oil supply.<\/p>\n

RELATED STORY | <\/b>Trump brings US-Iran peace deal to G7 as European leaders seek more clarity<\/b><\/p>\n

Trump added that he authorized \u201cthe toll free opening of the Strait of Hormuz.\u201d Ships have been charged about $2 million on average for passage, according to a member of Iran\u2019s parliament.<\/p>\n

The US and Iran have conflicting messages on what comes next after the agreement is signed. Iran\u2019s deputy foreign minister said 60-day nuclear negotiations will begin only once the US releases billions in frozen funds. A US official rejected Iran\u2019s assertions.<\/p>\n

Read more Trump announces agreement aimed at ending war with Iran<\/a><\/p>\n

Even once the Strait of Hormuz is reopened, it will take time for oil flows to resume. Middle Eastern oil wells were largely shut off during the war and could take weeks to ramp up production when turned back on. Experts also warn that the wells may not return to pre-war production levels, due to the technical disruptions caused by prolonged shutdowns.<\/p>\n

Oil prices could rebound if the disruption is prolonged and shock absorbers, such as the US Strategic Petroleum Reserve, are depleted, Bob McNally, president of Rapidan Energy, said Sunday on ABC\u2019s \u201cThis Week.\u201d<\/p>\n

\u201cI\u2019m very concerned we could see oil prices skyrocket later this summer with crude oil prices heading well into the mid- to high-$100 range, and gasoline pump prices heading back to all-time highs around $5 a gallon,\u201d he said.<\/p>\n

And traders could remain skeptical that the strait has re-opened until ships start to transit regularly and safely.<\/p>\n

\u201cIt\u2019s great if it happens but I\u2019ll believe it when I see actual ships making the free and unhindered passage through the strait,\u201d said Joe McMonigle, president of the think tank Global Center for Energy Analysis, who lives in Saudi Arabia..<\/p>\n

The average price of gas in the US settled at $4.07 a gallon on Sunday, according to AAA. Gas prices have declined for three straight weeks, but are still about 36.6% higher than before the war began.<\/p>\n

Stock futures, meanwhile, climbed. Dow futures gained 0.84%, while S&P 500 and Nasdaq futures were up 1.2% and 1.9% respectively. Stock markets in Asia and Europe also rallied.<\/p>\n

\u201cThe fizz (is) staying in markets this morning as after 107 days and a seemingly endless number of false dawns, we finally have a deal between the US and Iran to end the war and open the Strait of Hormuz,\u201d Deutsche Bank analysts wrote in a note.<\/p>\n

They cautioned, however, that \u201ctough conversations\u201d are likely to follow the initial agreement to \u201censure the peace is sustainable.\u201d<\/p>\n

CNN\u2019s Matt Egan contributed reporting.<\/i><\/p>\n

The-CNN-Wire\u2122 & \u00a9 2026 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.<\/i><\/p>\n

Read more Child dead, two others taken to hospital after being pulled from pools across the Valley<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Oil prices hit three-month lows Monday following news that the U.S. and Iran have reached an agreement to reopen the Strait of Hormuz, but it may take a while for prices to reflect at the pump.<\/p>\n","protected":false},"author":1,"featured_media":1784,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":["post-1785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national-news"],"yoast_head":"\nOil prices hit three-month lows on US-Iran agreement - Arizona Moving Insider<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/arizonamovinginsider.com\/?p=1785\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices hit three-month lows on US-Iran agreement - Arizona Moving Insider\" \/>\n<meta property=\"og:description\" content=\"Oil prices hit three-month lows Monday following news that the U.S. and Iran have reached an agreement to reopen the Strait of Hormuz, but it may take a while for prices to reflect at the pump.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/arizonamovinginsider.com\/?p=1785\" \/>\n<meta property=\"og:site_name\" content=\"Arizona Moving Insider\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-16T04:32:08+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/arizonamovinginsider.com\\\/?p=1785#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/arizonamovinginsider.com\\\/?p=1785\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/arizonamovinginsider.com\\\/#\\\/schema\\\/person\\\/9c272b4cf18e019eb01eb3c1b5d855fb\"},\"headline\":\"Oil prices hit three-month lows on US-Iran agreement\",\"datePublished\":\"2026-06-16T04:32:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/arizonamovinginsider.com\\\/?p=1785\"},\"wordCount\":841,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/arizonamovinginsider.com\\\/?p=1785#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/arizonamovinginsider.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/0df9c99eac0cf29ec171ddb608c2110c-scaled.jpg\",\"articleSection\":[\"National News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/arizonamovinginsider.com\\\/?p=1785#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/arizonamovinginsider.com\\\/?p=1785\",\"url\":\"https:\\\/\\\/arizonamovinginsider.com\\\/?p=1785\",\"name\":\"Oil prices hit three-month lows on US-Iran agreement - Arizona Moving Insider\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/arizonamovinginsider.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/arizonamovinginsider.com\\\/?p=1785#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/arizonamovinginsider.com\\\/?p=1785#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/arizonamovinginsider.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/0df9c99eac0cf29ec171ddb608c2110c-scaled.jpg\",\"datePublished\":\"2026-06-16T04:32:08+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/arizonamovinginsider.com\\\/#\\\/schema\\\/person\\\/9c272b4cf18e019eb01eb3c1b5d855fb\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/arizonamovinginsider.com\\\/?p=1785#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/arizonamovinginsider.com\\\/?p=1785\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/arizonamovinginsider.com\\\/?p=1785#primaryimage\",\"url\":\"https:\\\/\\\/arizonamovinginsider.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/0df9c99eac0cf29ec171ddb608c2110c-scaled.jpg\",\"contentUrl\":\"https:\\\/\\\/arizonamovinginsider.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/0df9c99eac0cf29ec171ddb608c2110c-scaled.jpg\",\"width\":2560,\"height\":1920,\"caption\":\"A motorist fills up the tank of a vehicle at a gas station, Sunday, May 24, 2026, in Sheridan, Colo. 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