From 29m agoIntroduction: Oil falls to three-month lowGood morning, and welcome to our rolling coverage of business, the financial markets, and the world economy.The peace deal agreed between Iran and the US is sending a wave of relief through the markets today.Oil has tumbled 4%, and markets across the Asia-Pacific region have jumped, as investors anticipate the reopening of the strait of Hormuz.Although it is unclear exactly what has been agreed – with the final text of their memorandum of understanding unpublished - Donald Trump’s claim that “oil will flow on both ends again for the region, and the world” is pushing down energy prices – a relief for busineses, consumers, politicians and central bankers alike.Brent crude has fallen as low as $83.04, its lowest since 10 March, after the prime minister of Pakistan announced the US and Iran will sign a memorandum of understanding in Switzerland on Friday.That still leaves Brent above its pre-war price of $72.48 a barrel, though.A chart showing the Brent crude oil price Photograph: LSEGTrump has indicated that the opening of the strait is contingent upon the signing of the peace deal, scheduled for Friday.Iran’s Mehr state news, though, reported that the agreed memorandum of understanding calls for the reopening of the strait within 30 days under “Iranian arrangements” – an indication that Tehran hasn’t surrendered its control of the waterway.Chris Weston of IG points out that there are still obstacles to overcome: