Oil slips 4% as US, Iran reach peace deal to reopen Strait of Hormuz (opens original article in a new tab)

Oil prices dropped 4% as US and Iran agreed to a peace deal to reopen the Strait of Hormuz, with Brent crude falling to $83.75 and WTI to $80.87.

• Oil prices fell 4% after US and Iran reached a peace deal to reopen Strait of Hormuz
• Brent crude futures dropped to $83.75 and WTI to $80.87
• A memorandum of understanding will be signed in Switzerland on Friday