U.S. crude oil falls nearly 5% after Trump says U.S. and Iran complete deal to open Strait of Hormuz

U.S. crude oil falls nearly 5% after Trump says U.S. and Iran complete deal to open Strait of Hormuz

CNBC-June14th2026

Key Points

President Donald Trump said Sunday the Iran deal is “now complete.”
The Strait of Hormuz will reopen without a toll system and the U.S. will end its naval blockade of Iran, the president said.
Pakistan Prime Minister Shehbaz Sharif said earlier Sunday that the U.S. and Iran have declared an immediate and permanent termination of military operations.

Oil prices tumbled Sunday after President Donald Trump said the U.S. has completed a deal with Iran to reopen the Strait of Hormuz.

U.S. crude oil futures were down 4.8% to $80.80 per barrel by 6:01 p.m. ET. Brent futures, the international benchmark, traded 3.9% lower to $83.89 per barrel.

“The Deal with the Islamic Republic of Iran is now complete,” Trump said in a Truth Social post. Hormuz will open without a toll system and the U.S. will end its naval blockade of Iran, the president said.

“Ships of the World, start your engines,” Trump said. Let the oil flow!”

Trump, in a later post, said that the strait would open on Friday, the day the official peace agreement signing ceremony is set to be held in Switzerland.

“With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!” he said.

About 20% of the world’s oil supplies passed through the Hormuz strait before tanker traffic plunged in early March due to Iranian attacks. The disruption to Hormuz has triggered the biggest oil supply disruption in history.

Pakistan Prime Minister Shehbaz Sharif said Sunday that the U.S. and Iran have declared an immediate and permanent termination of military operations on all fronts, including Lebanon. The Pakistani prime minister has served as a mediator between the U.S. and Iran.

“We would like to thank the United States of America and the Islamic Republic of Iran for their commitment to finding a diplomatic solution to the conflict,” Sharif said. Mediators will facilitate meetings this week to lay the foundation for technical talks and the official signing ceremony, he said.

The CEO of the oil tanker company Frontline told CNBC last week that he expects ship traffic through Hormuz to pick up quickly if the U.S. and Iran reach a credible deal.

“I’m actually very optimistic the minute the tide turns and the U.S. and Iran have found some sort of agreement, at least not to attack shipping, that those transits are going to resume pretty quickly,” said Frontline CEO Lars Barstad.