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Oil Prices Tumble on US-Iran Deal; Stocks Mixed on Fed Rate Fears

pakistan-news
Pakistan News Desk June 19, 2026
First Published 1 day ago
🔴 Live Update 23 hours ago6 Updates by 3 sources

Global oil prices tumbled on Thursday after the United States and Iran signed a peace agreement to end their conflict and reopen the crucial Strait of Hormuz to shipping traffic. The deal, which eased geopolitical tensions, caused crude futures to slide by around 2 percent.

However, stock markets delivered a mixed performance as optimism over the peace deal was weighed against concerns about a more hawkish US Federal Reserve. Under new chief Kevin Warsh, the Fed raised its inflation forecast and projected higher interest rates, causing an initial dip on Wall Street. “The thought of a hawkish Fed policy and higher interest rates weighs heavily on risk appetite,” said Swissquote senior analyst Ipek Ozkardeskaya.

US stocks later rebounded, led by a surge in semiconductor shares. Intel’s stock jumped nearly 10% after President Donald Trump announced Apple would work with the company on chip manufacturing. The rally in tech stocks helped offset the Fed’s hawkish stance.

Elsewhere, Asian markets were varied. Seoul’s index surged past 9,000 points for the first time, driven by an AI-fueled boom in chipmakers, while Tokyo also reached a new high. In contrast, European markets were more subdued, with London’s FTSE 100 trading lower.

📍 Latest Updates

Updated: 12:35 PM PKT — June 19, 2026

Oil prices continued their decline on Friday as tanker traffic resumed through the Strait of Hormuz following the US-Iran peace accord. Brent crude futures fell to $79.42 per barrel, while US WTI crude eased to $76.43. The drop came after both benchmarks hit their lowest levels since early March on Thursday, spurred by news that several oil tankers, including three Saudi vessels carrying six million barrels, had successfully transited the strait.

The deal is expected to unlock over 85 million barrels of crude from storage, and both Kuwait and Iraq have announced preparations to restore normal oil export operations. However, market uncertainty persists due to Israel’s ongoing military action in Lebanon and the postponement of follow-up talks between US and Iranian negotiators in Switzerland, causing traders to remain cautious.

Updated: 5:01 AM PKT — June 19, 2026

Following a drop in global oil prices after the US-Iran peace deal, Prime Minister Shehbaz Sharif has directed authorities to immediately pass the benefit on to consumers, Petroleum Minister Ali Pervaiz Malik announced Thursday. A high-level committee will be formed to devise a transparent weekly fuel pricing mechanism to ensure future price changes are understood by the public.

International oil prices continued their decline, with Brent crude trading at $77 per barrel, WTI crude at $74, and UAE Murban at $72. The minister added that the government is reviewing its energy security paradigm and plans to introduce new measures in the coming months.

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