Brent crude drops below $80 per barrel for the first time since the Iran conflict began, as a US-Iran peace deal framework eases Strait of Hormuz fears.

Brent crude oil prices fell to their lowest levels since early March as traders grew more confident about an imminent peace agreement between the US and Iran.

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.