Brent crude dropped to $75.55 as Saudi tankers carrying 6 million barrels resumed Strait of Hormuz transit after the US-Iran peace deal lifted a naval

Oil prices fell to a three-month low Tuesday on optimism over the expected reopening of the Strait of Hormuz after a peace deal between the United States and Iran.

The drop to the lowest since early March has erased the bulk of the gains seen during the conflict. Read more at straitstimes.com. Read more at straitstimes.com.

Oil prices edged higher as investors assessed the implications of a potential U.S.-Iran peace deal and the reopening of the Strait of Hormuz. While an interim agreement was…