{"id":1515623,"date":"2026-06-15T10:02:38","date_gmt":"2026-06-15T15:02:38","guid":{"rendered":"http:\/\/ktbb.com\/post\/?guid=f4d8dc76cbe5e676060e11948f4ec2f8"},"modified":"2026-06-15T10:24:54","modified_gmt":"2026-06-15T15:24:54","slug":"oil-prices-fall-to-lowest-level-since-march-after-us-announces-iran-deal","status":"publish","type":"post","link":"https:\/\/ktbb.com\/post\/?p=1515623","title":{"rendered":"Oil prices fall to lowest level since March after US announces Iran deal"},"content":{"rendered":"
A pumpjack stands idle in the Huntington Beach oil field on April 23, 2026 in Huntington Beach, California. (Mario Tama\/Getty Images)<\/figcaption><\/figure>

(NEW YORK) -- Oil prices<\/a> on Monday fell to their lowest level since March after U.S. officials announced an agreement between the United States and Iran.<\/p>

West Texas Intermediate futures price, the benchmark index for U.S. trading, registered at about $80.40. That figure, which amounted to a 5% drop on Monday, marked the lowest price since March 5, just a week after the outbreak of the Iran war<\/a>.<\/p>

Stock prices, meanwhile, climbed on hopes of a resolution to the Iran war. The Dow Jones Industrial Average jumped 530 points, or 1%, while the S&P 500 increased 1.4%. The tech-heavy Nasdaq rose 2.3%.<\/p>

Gas prices have fallen<\/a> toward $4 per gallon in recent weeks, nearing the milestone as oil costs have eased in response to negotiations between the U.S. and Iran.<\/p>

The national average price of a gallon of gas stands at $4.06, marking a decline of 46 cents, or 10.2%, over the past month, AAA<\/a> data showed. Gas prices, however, remain $1.08 higher than where they stood before the Iran war.<\/p>

The Middle East conflict prompted the Iranian closure of the Strait of Hormuz<\/a>, a maritime trading route that facilitates the transport of about one-fifth of global oil supply. The standoff triggered one of the largest oil shocks ever recorded, sending gasoline prices higher.<\/p>

President Donald Trump said in a Sunday social media post that the U.S. and Iran had reached a deal that will open up the strait.<\/p>

\"I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade,\" Trump wrote.<\/p>

\"Ships of the World, start your engines. Let the oil flow!\" he added.<\/p>

Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed the deal had been finalized and said it would be signed in Switzerland on Friday.<\/p>

Trump said the strait would open after the formal signing of the deal on Friday. The oil flow is linked to mine removal, Trump noted.<\/p>

Crude oil is the main ingredient in auto fuel, accounting for more than half of the price paid at the pump, according to the federal U.S. Energy Information Administration<\/a>.<\/p>

The U.S. is a net exporter of petroleum, meaning the country produces more oil than it consumes. But since oil prices are set on a global market, U.S. prices move in response to swings in worldwide supply and demand.<\/p>

ABC News' David Brennan and Isabella Murray contributed to this report.<\/em><\/p>

Copyright \u00a9 2026, ABC Audio. All rights reserved.<\/p>","protected":false},"excerpt":{"rendered":"

A pumpjack stands idle in the Huntington Beach oil field on April 23, 2026 in Huntington Beach, California. (Mario Tama\/Getty Images)(NEW YORK) — Oil prices on Monday fell to their lowest level since March after U.S. officials announced an agreem…<\/p>\n","protected":false},"author":2130,"featured_media":1515631,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/ktbb.com\/post\/wp-content\/media\/2026\/06\/e3450d4a3efa9e6710333ecf602e9df8.jpg","fifu_image_alt":"","footnotes":""},"categories":[1450,1502],"tags":[],"class_list":["post-1515623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abc-business-news","category-abc-heads"],"publishpress_future_action":{"enabled":false,"date":"2026-06-17 13:28:43","action":"change-status","newStatus":"trash","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"fifu_image_url":"https:\/\/ktbb.com\/post\/wp-content\/media\/2026\/06\/e3450d4a3efa9e6710333ecf602e9df8.jpg","_links":{"self":[{"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=\/wp\/v2\/posts\/1515623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=\/wp\/v2\/users\/2130"}],"replies":[{"embeddable":true,"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1515623"}],"version-history":[{"count":2,"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=\/wp\/v2\/posts\/1515623\/revisions"}],"predecessor-version":[{"id":1515632,"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=\/wp\/v2\/posts\/1515623\/revisions\/1515632"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=\/wp\/v2\/media\/1515631"}],"wp:attachment":[{"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1515623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1515623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1515623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}