Oil Falls Below $80 as US-Iran Deal Removes Strait Disruption Risk

Brent crude dropped below $80 per barrel on June 16, 2026, after the US and Iran agreed to reopen the Strait of Hormuz toll-free. The Strait moves a fifth of global seaborne oil. Markets had built in a risk premium for potential disruption; the deal removed that threat. Longer-term crude prices still hinge on OPEC+ restraint and actual demand.