HOUSTON, June 15 : Oil prices settled down $4 a barrel to a three-month low on Monday after President Donald Trump said the United States and Iran have signed a memorandum of understanding aiming to end the Iran war and reopen the Strait of Hormuz.Brent crude futures settled down $4.16, or 4.76 per cent, to $

Oil prices fell sharply as traders bet that a possible U.S.-Iran agreement could reopen the Strait of Hormuz and ease global supply fears.

"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.