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

Oil prices dropped to their lowest since March as US and Iran announced a peace deal to reopen the Strait of Hormuz, with Brent crude falling 4.10% and WTI 4.72%.

• 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
• U.S. and Iran will sign a memorandum of understanding in Switzerland
• Geopolitical risk premium is being unwound as traders expect restored oil flows