A billboard with the Iranian flag in Tehran, Iran. The US and Iran have agreed to end the war and open the Strait of Hormuz. Getty ImagesA billboard with the Iranian flag in Tehran, Iran. The US and Iran have agreed to end the war and open the Strait of Hormuz. Getty ImagesStrait of Hormuz set to reopen after months of disruption amid Iran peace deal
Brent fell 4.03 per cent to $79.82 per barrel and WTI dropped 4.48 per cent to $77.13 on renewed supply prospects.
A US-Iran agreement to end the conflict enables the immediate reopening of the Strait of Hormuz, with formal signing expected in Geneva on Friday.
The war, launched by US President Donald Trump alongside Israel on February 28, had propelled prices close to $120 per barrel in March.
Ship traffic through the vital channel is set to recover gradually amid safety concerns, including sea mines, after months of severe disruption.
