by WorldTribune Staff / 247 Real News June 16, 2026
Two days after President Donald Trump announced a peace deal with Iran had been reached, oil prices continued to drop. Gas prices as well.
The Strait of Hormuz will reopen without tolls, the Trump Administration said following the announcement of a peace deal with Iran. / VIdeo Image
On Tuesday, oil fell below $80 per barrel for the first time since early March, while the U.S. stock market drifted near its all-time high.
The price for a barrel of Brent crude fell more than 3% amid hopes that the Strait of Hormuz will shortly be reopened to the global flow of oil.
The price of Brent has come down sharply from its $100-plus level of a few weeks ago.
Trump said Tuesday that he would hold a news conference when he releases the text of the U.S. memorandum of understanding with Iran “in a couple of days,” to go over it “word by word.”
The president said he hasn’t yet released the text of the agreement “because I’d like to get a formal setting first before we do it.”
“I’ll probably have a press conference and read it to you word by word so that the press covers it accurately,” he said. “Because it’s a very important document and – unlike Obama, who could have destroyed the Middle East with the horrible JCPOA, it is the worst agreement. That was a road to a nuclear weapon – Mine is a wall against a nuclear weapon.”
Meanwhile, the national average for gas prices appears to be about to slide under the $4 mark.
According to AAA, the national average on Tuesday was $4.04 per gallon, down more than 2 cents per gallon since Monday.
The average is still nowhere near last year’s average of $3.14 per gallon of regular gas.
High tax states continue to have the most expensive gas. California was at $5.71 per gallon on Tuesday. By comparison, Texas was at $3.50.
Indiana has the lowest gas prices currently at $3.36 per gallon, according to AAA.
