Oil prices fell to the lowest level since the early days of the Iran war yesterday as hopes of a peace deal that will end the conflict grew.
Stock markets rallied and government borrowing costs also fell as reports surfaced of a proposed memorandum between Iran and the US.
Global benchmark Brent crude fell to less than $86 a barrel, its lowest level since early March, before partly rebounding to more than $87.
Brent has surged from just $72 before the war began to as high as $126 in April after the conflict resulted in oil and gas supplies from the Middle East being choked off.
Peace sells but who's buying? Donald Trump has stoked hopes of a deal with Iran
