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.
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.
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Oil prices, and gas prices, continue to drop in wake of Trump’s Iran peace deal added by Editor Two on
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