Oil prices fell on Friday after U.S. President Donald Trump said Washington had reached a framework agreement with Iran, raising hopes that tensions in the Middle East could ease.

President Donald Trump has repeatedly said a deal with Tehran to reopen Hormuz is close, but such an agreement still has not materialized.

Oil prices fell on Friday after U.S. President Donald Trump said Washington had reached a framework agreement with Iran, raising hopes that tensions in the Middle East could ease.

Oil prices dropped Friday, extending previous losses as U.S. President Trump canceled planned strikes on Iran, easing fears of escalating hostilities. Brent futures fell 1.3% and…