Oil prices tumble amid hopes strait of Hormuz will soon reopen (opens original article in a new tab)

Global oil prices fell as hopes grew for a US-Iran peace deal that could reopen the Strait of Hormuz, with Brent crude dropping below $84 a barrel. Iranian officials mentioned a 60-day negotiation period for a final deal on nuclear issues and sanctions relief, while the US military reportedly helped move oil through the strait.

• Global oil prices dropped below $84 a barrel amid hopes of a US-Iran peace deal
• Brent crude fell 4% in early trade, reaching its lowest since early March
• Iranian authorities mentioned a 60-day negotiation period for a final deal on nuclear program and sanctions relief
• US military reportedly helped move millions of barrels of oil daily through the Strait of Hormuz