Oil prices slide after Pakistan announces deal between US and Iran
Oil prices have fallen in early trade in Asia after Pakistan announced a deal between the US and Iran, which is expected to reopen the key Strait of Hormuz shipping route. The deal, which will be officially signed on Friday, has been welcomed by President Donald Trump, who posted on social media that oil will flow again. The reopening of the strait is expected to have a significant impact on global energy markets, which have been volatile in recent months due to the US-Iran conflict.
- ▪Pakistan's prime minister Shehbaz Sharif announced the deal, which will be officially signed on Friday in Switzerland.
- ▪The Strait of Hormuz shipping route, which had been effectively closed since February, is a crucial waterway through which around 20% of the world's oil and liquefied natural gas normally passes.
- ▪Brent crude, the global oil benchmark, fell 3.8% to $84.02 a barrel, while US-traded oil was down 4.1% at $81.40.
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| Original publisher | BBC News — Business |
| Canonical URL | https://www.bbc.com/news/articles/c6217106px6o?at_medium=RSS&at_campaign=rss |
| Publication time | Sun, 14 Jun 2026 23:37:39 GMT |
| Retrieval time | 2026-06-14T23:57:33.709Z |
| Last seen | 2026-06-14T23:57:33.709Z |
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Oil prices slide after Pakistan announces deal between US and Iran 19 minutes agoShareSaveAdd as preferred on GooglePeter HoskinsBusiness reporterEPA/ShutterstockOil prices fell in early trade in Asia after Pakistan, which has been mediating an end to the US-Iran war, announced a deal that President Donald Trump said would see the reopening of the key Strait of Hormuz shipping route.Brent crude, the global oil benchmark, was 3.8% lower at $84.02 (£62.48) a barrel, while US-traded oil was down 4.1% at $81.40.Pakistan's prime minister Shehbaz Sharif said an official signing ceremony would be on Friday, 19 June in Switzerland.Trump later posted on social media “oil will flow”.The strait had been effectively closed since shortly after the US and Israel launched airstrikes on Iran on 28…
Excerpt limited to ~120 words for fair-use compliance. The full article is at BBC News — Business.
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