Oil prices fall as peace deal removes threat to key shipping route

Oil fell for a second day on June 18 after the U.S. and Iran reached a peace agreement. Traders had bet that the Strait of Hormuz—which carries about one-fifth of the world's oil—might be blocked, raising prices. With that threat gone, those bets were unwound, pushing prices lower. No actual oil supply changed. But whether this deal lasts is unclear: past U.S.-Iran agreements have fallen apart, and Congress remains hesitant about lifting sanctions.