Brent price falls by 5% amid agreement between US and Iran
Oil quotations are falling amid the conclusion of a deal between the US and Iran.
Photo: Dan Kitwood/Getty Images
Brent price fell by 5% amid a peace agreement between the US and Iran. The August futures contract for Brent crude fell by 4.91%, with the price hitting a low of $83.04 per barrel, according to data from the London ICE exchange.
By 6:46, the decline slowed to 4.55%, with oil trading at $83.36 per barrel.
The US and Iran concluded a peace treaty, and the American side announced the opening of the Strait of Hormuz and the lifting of the blockade on Iranian ports. "Ships of the world, start your engines. Let the oil flow!" wrote Donald Trump.