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 per barrel on June 18 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 per barrel in early trading on June 18, while the price of U.S. West Texas Intermediate fell $1.83, or 2.38 percent, to $74.96 per barrel.
