Oil prices tumble as US, Iran reach peace deal
AI Summary
Following announcement of a peace agreement between the United States and Iran, the Strait of Hormuz is expected to reopen after remaining closed for over three months, unblocking global petroleum shipments. Global crude prices declined sharply in response, with Brent crude falling to approximately $84 per barrel and US crude to around $81, while Asian equity markets surged, with major indices gaining more than 5 percent.
Global crude oil prices fell sharply on Monday after the United States and Iran reached a peace agreement ending more than two months of conflict that had rattled energy markets and heightened fears of a prolonged global supply disruption
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