Crude Hits New 3-Month Low as Trump, Pezeshkian Sign Deal Lifting Iran Oil Sanctions

Early vessel movements through the Strait of Hormuz signal growing confidence in the U.S.-Iran memorandum of understanding.

The Gambia-flagged tanker vessel Bili is anchored in the Strait of Hormuz off Bandar Abbas in southern Iran on May 2, 2026. Amirhossein KhorgooeI/ISNA/AFP via Getty Images

Crude prices fell below $78 a barrel on Thursday for the first time since the opening days of the Iran war, after the United States and Iran signed an interim agreement that lifts sanctions on Tehran’s oil exports and paves the way for the reopening of the Strait of Hormuz.

Brent crude futures were down $1.59, or 2 percent, at $77.96 a barrel in early trading on June 18, while U.S. West Texas Intermediate fell $1.83, or 2.38 percent, to $74.96 a barrel.