Oil markets remain volatile as traders struggle to interpret contradictory signals on prospects for U.S.-Iran peace agreement.

The outline of a deal to end the war with Iran is emerging, but its aftermath will be higher oil prices and the humiliation of the Trump administration.

Brent crude fell 7 per cent on Monday, one of the sharpest single day drops since the Iran war and closure of Strait of Hormuz, but are now bouncing back