US‑Iran deal triggers fuel price cuts across Turkey

The United States and Iran signed a 14‑point electronic agreement to end hostilities, with the pact immediately calling for a cease‑fire, the lifting of the U.S. naval blockade, and the reopening of the Strait of Hormuz for commercial shipping. For a 60‑day period the strait will operate without the usual security, safety, environmental and insurance fees, and vessels may apply for passage 48 hours in advance.

The reduction in geopolitical risk pushed Brent crude down to around $77 per barrel, prompting noticeable drops in gasoline and diesel prices in Turkey. After three consecutive daily cuts that lowered diesel by a total of 2.11 TL, a further gasoline discount of roughly 99 kuruş per litre was applied at the start of June 2026. Analysts expect the downward trend in fuel prices to continue as long as Hormuz traffic normalises. Citi projects that the easing of supply constraints could push oil prices down to $60‑65 per barrel by early 2027.

The agreement’s immediate market impact has been felt across the region, with consumers benefiting from lower pump prices while oil markets adjust to the restored flow through one of the world’s most critical shipping chokepoints.