LONDON, June 15 - A framework agreement between the U.S. and Iran on terms to end their war and reopen the Strait of Hormuz sent oil prices tumbling, as traders anticipated the return of flows. But industry officials say a full return to pre-war production and refining levels is likely to take weeks,

US stocks of crude oil and petroleum products have dropped to their lowest level since 2004 after falling by 10.6M barrels last week, according to new data from the EIA.

Oil prices sank again on Tuesday, hitting $US80 per barrel for the first time since early March on the back of an announcement by US President Donald Trump of the Strait of Hormuz's reopening on Friday.

Spot premiums ​for crude and some refined products in Asia, Europe and Africa have fallen back following a U.S.-Iran deal to end the Middle East conflict, though ‌caution about how soon normal shipping can resume is providing a floor for oil markets.

Iran launched missiles at Kuwait in retaliation for US strikes in early June 2026, but video of a huge inferno circulating on social media does not show the impact of the Iranian salvoes as posts claim.

Trump claims US was close to a deal but Iran is ‘playing us for suckers’ and says that the ‘United States of America controls the Strait of Hormuz, not Iran’

By Siyi Liu, Chen Aizhu and Trixie Yap SINGAPORE, June 11 (Reuters) - China's Hengli Petrochemical, sanctioned by the U.S. for allegedly purchasing Iranian oil, has bought at least 2 million barrels of West African crude and is seeking further mainstream supply,

The attacks, which strained a two-month cease-fire between Iran and the United States, were the latest jolt to energy markets.