An agreement between the U.S. and Iran that reopens the Strait of Hormuz to shipping promises to knock down oil prices and ease the upward…

US oil prices dropped sharply as reports emerged of a US-Iran agreement nearing completion. Brent crude fell 6% to $105.02 while WTI slid to $98.26.

Oil prices saw a rise on Friday amid doubts about U.S.-Iran peace talks. Investors are concerned about Middle East instability and potential supply disruptions. Despite some…