Spot oil premiums fell to pre-war levels after the US-Iran framework deal sent Brent crude down over 5%, but shipping and insurance concerns maintain a

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

Brent crude fell nearly 5% to around $83 a barrel after ending last week at a three-month low, while West Texas Intermediate traded near $80. | World News