Oil prices fell sharply on Sunday after US President Donald Trump declared a deal with Iran "complete" and announced the "immediate toll-free reopening of the Strait of Hormuz", a key artery for global energy supplies.

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…

Brent crude falls as optimism rises strait of Hormuz could reopen over the weekend Business live – latest updates

Oil prices dropped significantly as President Trump and Iran's deputy foreign minister announced an initial deal to end the war and reopen the Strait of Hormuz. The agreement,…