Oil declines as Mideast peace prospects rise following U.S.-Iran deal.

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.

Oil prices traded over 5% lower on Monday morning after US President Donald Trump announced the completion of the deal with Iran and the reopening of the Strait of Hormuz.