Oil slides over 4% on US–Iran deal hopes as WTI crashes to $81 — traders bet on peace easing supply fears

Oil prices plunged early on Monday as investors bet that a potential US-Iran agreement to ease Middle East tensions would reopen the Strait of Hormuz and boost global crude supplies.US benchmark West Texas Intermediate crude for July delivery fell $4.85, or 5.71%, to $80.03 a barrel in early Asian trading, as of 12.08pm Tokyo on Monday (June 15, 2026).Brent Crude83.08-4.25International benchmark Brent crude dropped $4.25, or nearly 5%, to $83.08.Murban Crude, a Gulf benchmark, dropped 4.85% to $83.02, down $4.23 per barrel (with a 15-minute price delay, as per OilPrice.com)The sharp declines came as President Donald Trump and Iranian officials signaled progress toward a framework deal that could end months of conflict, lift the US naval blockade of Iranian ports and gradually reopen the critical Strait of Hormuz — through which about one-fifth of global oil passes. Negotiators have been working on a memorandum of understanding that would extend a fragile ceasefire, allow resumed Iranian oil exports and defer deeper talks on Iran’s nuclear program to a 60-day follow-on period. OptimismTrump has expressed optimism about an imminent signing, though Iranian officials have urged caution and stressed that key details remain unresolved. The prospect of normalised oil flows from Iran has weighed heavily on futures contracts, erasing much of the geopolitical risk premium that had driven prices sharply higher since the outbreak of US-Iran hostilities earlier this year.Other energy contracts also declined in the session. Oil prices fall sharply as markets digest latest US-Iran skirmishesUS crude futures fall, Brent down nearly 3%WTI drops to $88.68, Brent below $95 on hopes of easing US-Iran tensions Oil drops below $100 as US-Iran deal hopes ease pressure on marketsUS natural gas, gasoline and heating oil futures posted losses of roughly 2% to 3.4%. tradingeconomics.comAnalysts cautioned that the sell-off could prove volatile. While a successful deal would ease supply fears, any setback in talks or renewed regional clashes — including tensions involving Israel, Hezbollah in Lebanon and other proxies — could quickly reverse the downward pressure on prices.As of 9:55 am in Tokyo, trading remained active with focus squarely on diplomatic developments out of Washington and Tehran.