President Donald Trump signs the Iran Memorandum of Understanding at the Palace of Versailles in France on June 18, 2026. Flanking Trump are French President Emmanuel Macron (R) and Secretary of State Marco Rubio (L). Dan Scavino/@Scavino47 via X via Reuters/Screenshot via The Epoch TimesWASHINGTON—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 passed through the strategic waterway the day before.
Oil Prices Tumble Following US-Iran Agreement, Sanctions Relief
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