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.

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…

Oil prices hit a two-month low as US benchmark WTI crude fell nearly 3%, following Donald Trump's statement about a potential peace agreement with Iran this weekend.