Oil prices have fallen sharply as investors anticipate the official reopening of the Strait of Hormuz following an agreement between the US and Iran.

Oil prices had already fallen quite dramatically on Thursday and Friday, in anticipation of an imminent deal. President Trump has posted online that the Strait of Hormuz will reopen after the deal is signed on Friday. <img alt="A ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran." src="https://npr.brightspotcdn.com/dims3/default/strip/false/crop/4081x2721+0+0/resize/4081x2721!/?url=http%3A%2F%2Fnpr-brightspot.s3.amazonaws.com%2F2f%2F33%2F527d6ba641698a8badf5ed...