Crude oil futures dropped sharply Thursday and Friday after President Donald Trump posted online that a deal with Iran would be signed Friday – and that the Strait of Hormuz would reopen once it was.
Prices had already been sliding in the days before any announcement, as traders moved ahead of what many saw as an imminent agreement. The back-to-back declines reflected how seriously markets took Trump’s post.
The Strait of Hormuz, the narrow waterway between Iran and Oman, carries roughly a fifth of the world’s oil supply on any given day. Any disruption there hits global energy markets fast. A reopening – if it holds — would ease pressure that had been building for weeks.
Trump didn’t specify which parties would sign the agreement or what its terms would be. The White House hadn’t released a full text of the deal as of Sunday, June 15, 2026, when NPR published its report.
Reported by NPR. Read the original report.
