Oil prices tumble amid hopes strait of Hormuz will soon reopen
Overview
US-Iran peace deal sparks immediate drop for Brent crude but analysts warn complex negotiations lie ahead, potentially halting further significant drops
Peace deal between US and Iran announced, with strait of Hormuz expected to reopen
What do we know about the US-Iran peace deal – and what questions remain?
Global oil prices have tumbled amid fresh hopes that a US-Iran peace deal may end the greatest energy supply crisis in the history of the market.
Details
The price of Brent crude dropped below $84 a barrel as the new trading week began in financial centres across Asia-Pacific, amid optimism that the strait of Hormuz could reopen shortly and bring a return of Gulf oil exports to the market.
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Originally published at www.theguardian.com.