Oil prices tumble 4% as Trump announces US-Iran deal, Hormuz reopening; Brent falls below $85

Oil prices plummeted as President Trump declared the Iran deal finalised, announcing the immediate, toll-free reopening of the Strait of Hormuz. This move eases fears of energy supply disruptions, with Brent crude and WTI futures seeing significant drops. The breakthrough follows intensive diplomatic efforts, promising a return to normal oil flow through the vital shipping route.