Oil prices fell sharply after the U.S. and Iran announced a deal to reopen the Strait of Hormuz.

Brent crude drops 15% from war highs as US-Iran peace deal hopes and plans to reopen the Strait of Hormuz reshape global oil markets and investor

"The Deal with the Islamic Republic of Iran is now complete," Trump said in a Truth Social post.

Oil prices drop more than 4% after a reported US-Iran deal to halt conflict and reopen the Strait of Hormuz reduces global supply concerns.