Oil prices at their lowest since early March following Trump securing Iran deal – One America News Network

June 17, 2026 Lillian Mann US 0

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(L) A fuel pump displays prices at a gas station on April 06, 2026 in Miami, Florida. Florida gas prices have risen to over $4 per gallon in early April 2026 as the war in Iran has affected global oil supplies, leading to higher crude oil costs. (Photo by Joe Raedle/Getty Images) / (Background) An American flag is displayed on a desk on the floor of the New York Stock Exchange (NYSE) at the opening bell on July 15, 2025, in New York City. Global stock markets went in different directions on Tuesday, as an uptick in US inflation suggested President Donald Trump's tariffs could be beginning to feed into the American economy. New York was generally trading higher on the back of healthy results from major US banks and buoyant news in the tech sector. The S&P 500 and Nasdaq were up, though the Dow Jones was struggling. Most Asian indices rose but Europe's stock markets slipped into the red late in the day. (Photo by ANGELA WEISS / AFP via Getty Images) — (L) A fuel pump displays prices at a gas station on April 06, 2026, in Miami, Florida. (Photo by Joe Raedle/Getty Images) / (Background) An American flag is displayed on a desk on the floor of the New York Stock Exchange (NYSE) at the opening bell on July 15, 2025, in New York City. (Photo by ANGELA WEISS / AFP via Getty Images)

OAN Staff Lillian Mann
7:14 AM – Wednesday, June 17, 2026

Oil prices have plunged to their lowest since early March after President Donald Trump announced that a preliminary deal had been reached with Iran over the weekend.

West Texas Intermediate (WTI) crude oil fell more than 5% during Monday’s trading session following the news, with prices hovering just above $80 per barrel, according to Fox News Business.

Despite the drop, the U.S. benchmark remained higher than pre-conflict levels, when prices ranged between roughly $60 and $70 per barrel in the month before the conflict began.

Brent crude, the global benchmark, also declined, sliding more than 3.6% on Monday and briefly falling below $80 per barrel for the first time since early March.

Nonetheless, oil analysts broadly expect prices to stay elevated for an extended period. While a short-term dip is possible, many anticipate a rebound as demand strengthens again—especially once countries begin replenishing emergency reserves.

Oil prices fell after President Trump announced he had signed a memorandum of understanding with Iran aimed at ending the war that has disrupted oil shipments through tankers passing the Strait of Hormuz.

The strategic chokepoint has seen a sharp drop in tanker traffic during the conflict, which previously drove prices higher and heightened concerns about supply shortages in regions with limited domestic oil production.

“The deal’s all signed. And the Strait is already partially opened,” Trump said after he arrived in France for the G7 summit.

An official signing ceremony is scheduled for Friday in Geneva, located about an hour from Evian-les-Bains in the French Alps, where the summit is taking place.

The U.S. is a net exporter of petroleum, meaning it produces more oil than it consumes. However, because oil is traded on a global market, U.S. prices still fluctuate in response to shifts in worldwide supply and demand.

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