- Crude oil prices dropped to their lowest level in over three months to around $83 per barrel during the morning market hours on Tuesday, June 16, amid US President Donald Trump’s latest comments on how Iran has agreed to never have nuclear weapons in its arsenal.
- Brent crude oil prices eased to their three-month low of $83.08 per bbl during the trading session, its lowest level since March 5, 2026, during the first week of the US-Iran conflict in West Asia.
- President Donald Trump claimed that Iran has finally agreed to “never” have nuclear weapons, while renouncing recent reports over the US allegedly paying Iran $300 million.
- Trump stated, “Iran has agreed to never have a Nuclear Weapon! Also, the story that the U.S. is paying Iran 300 million Dollars is Fake News,” in his latest post on Truth Social.
Crude oil prices have plummeted to a three-month low of $83.08 per barrel as of June 16, 2026, driven by President Donald Trump's announcement that Iran has agreed to never pursue nuclear weapons. This statement has been perceived as a stabilizing factor in the volatile oil market.1
Trump's comments, made via social media, included a denial of reports suggesting the U.S. was paying Iran $300 million, labeling it as “Fake News.” He emphasized that the agreement with Iran has been “all signed” and that the Strait of Hormuz, a critical maritime route for oil shipments, is now “totally safe” for transit.
“Ships are starting to move, many loaded up with Oil, out of the Strait of Hormuz,” Trump stated, indicating a return to normalcy in oil transport through this vital corridor. The Brent crude oil benchmark reflected this sentiment, dropping to its lowest level since March 5, 2026, during the initial phase of the U.S.-Iran conflict in West Asia.
As the market reacts to these developments, analysts are closely monitoring the implications of Trump's claims on both oil prices and geopolitical stability in the region.
“Crude oil prices have fallen to their lowest level in over three months, trading around $83 per barrel. This decline follows President Trump's assertion that Iran has agreed to never develop nuclear weapons.”
