Oil prices fell sharply as President Trump announced a US-Iran deal ending the naval blockade, with Brent crude dropping 3.9% to $84 a barrel, its lowest since March.

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.

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,…