Oil tanker HELGA berthed at one of Iraq’s southern offshore oil terminals near Basra as it prepares to load crude oil, becoming the second vessel to arrive since the closure of the Strait of Hormuz, on April 24, 2026. Mohammed Aty/ReutersWASHINGTON—Oil prices sharply declined shortly after the United States and Iran reached the preliminary ceasefire agreement, which authorized Tehran to resume crude oil sales.On June 23, President Donald Trump highlighted increased oil transit through the Strait of Hormuz, announcing that 19 million barrels had passed through the strategic waterway the day before.
Oil Prices Tumble Following USIran Agreement, Sanctions Relief
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