US assertions that a peace deal is imminent and growing evidence of oil market resilience to the Mideast supply shock are exerting downward pressure on prices.

US assertions that a peace deal is imminent and growing evidence of oil market resilience to the Mideast supply shock are exerting downward pressure on prices.

Oil prices fell sharply as traders bet that a possible U.S.-Iran agreement could reopen the Strait of Hormuz and ease global supply fears.