Crude oil and refined futures prices were trading lower Monday morning following the announcement of a deal to end the fighting between the U.S. and Iran and reopen the Strait of Hormuz.

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

Brent crude futures falls $4.08 to $83.25 a barrel and US West Texas Intermediate falls $4.35 to $80.53.

Interim accord to ease supply crunch that has gripped energy markets since February