LONDON, May 27 : Oil extended losses on Wednesday, falling over 5 per cent after Iranian state TV said it had seen a draft of an initial, unofficial framework for an agreement with the United States on ending their conflict and reopening the Strait of Hormuz.The report, plus a pick-up in tanker traffic throu

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…

Oil fell as U.S. officials gave further, positive signals on progress toward a deal with Iran to reopen the Strait of Hormuz. Read more.