Oil benchmarks Brent and WTI fell by about 5% in trading on June 15, with WTI briefly falling below $80 per barrel for the first time since March, after the announcement of the U.S.-Iran memorandum of understanding that extends their ceasefire by 60 days and removes restrictions on shipping through the Strait of Hormuz. While U.S. officials have said Iran cannot charge a toll for ships passing through the strait, Iran's foreign ministry said it will charge ships a "maritime service fee."

French President Emmanuel Macron said on June 15 that a Strait of Hormuz protection mission could be deployed within days after the formal signing of the MoU on June 19. The U.S. mission to help ships navigate the Strait of Hormuz has enabled an average of 2.5 million barrels per day of oil to pass through the strait since mid-May. However, most of those exports drew on storage from laden tankers waiting to exit the strait, rather than current upstream production.