Oil prices fell sharply on Thursday, dropping to their lowest levels since the outbreak of the US-Iran conflict, as an interim agreement between the United States and Iran improved prospects for global crude supply.

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.

Oil prices have fallen sharply to their lowest levels in three months, as markets reacted positively to the anticipated signing of a formal agreement between Washington and Tehran…