The decline came after Trump said an agreement had been reached with Iran that would lead to the reopening of the Strait of Hormuz.

Oil prices had already fallen quite dramatically on Thursday and Friday, in anticipation of an imminent deal. President Trump has posted online that the Strait of Hormuz will…

"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.