President Donald Trump had threatened to destroy Iran's entire civilization if his 8 p.m. ET deadline to reopen the Strait of Hormuz is not met.

President Donald Trump had threatened to destroy Iran's entire civilization if his 8 p.m. ET deadline to reopen the Strait of Hormuz is not met.

Trump announced the deal not long before a deadline for a Tuesday evening ultimatum for Iran was reached.

Brent crude oil dropped to $93 a barrel after US president’s announcement and Iran’s pledge to reopen strait of Hormuz under its management

Crude oil fell sharply after Washington and Tehran agreed a 2-week cease-fire deal that included allowing shipping to transit the key Strait of Hormuz