The price of oil fell on Monday morning after President Trump announced the Strait of Hormuz will reopen under the terms of the agreement reached with Iran.

US President Donald Trump announced a deal with Iran is set to be signed on Sunday. This agreement is expected to immediately reopen the Strait of Hormuz to all traffic. Pakistan,…

Iran had earlier said the signing date was still to be determined.

Iran has insisted it will maintain control over the Strait of Hormuz, a key maritime trade route for oil and gas shipments from the Gulf.

The United States and Iran have agreed on a peace framework aimed at ending the conflict, lifting the U.S. blockade of Iran and reopening the Strait of Hormuz, a key global oil…