Oil prices fell by more than 4% after America and Iran reached a peace agreement

Oil prices fell on Monday after US President Donald Trump and Iran’s Deputy Foreign Minister said that the two countries had reached an agreement to stop the war and resume shipping traffic through the Strait of Hormuz.

Brent crude futures fell $3.51, or 4.02 percent, to $83.82 per barrel by 22:03 GMT, while US West Texas Intermediate crude fell $3.93, or 4.63 percent, to $80.95 per barrel.