Oil prices fall more than 4% after US and Iran reach peace agreement

Oil prices fell on Monday after US President Donald Trump and Iran's deputy foreign minister said the two countries had reached an agreement to halt the war and resume navigation through the Strait of Hormuz.

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