Oil prices experienced a significant drop on Monday, June 15th, falling to their lowest level since March, following reports of a preliminary agreement between the United States and Iran. The agreement focuses on de-escalation and the potential resumption of shipping through the Strait of Hormuz. Confirmation of the deal came from both US President Donald Trump and an Iranian deputy foreign minister. This development signals a possible easing of tensions in the region, impacting global energy markets. The price decline reflects expectations of increased oil supply and reduced geopolitical risk. News agency Reuters reported on the market reaction. Further details of the agreement are expected to emerge in the coming days.