Donald Trump posts ‘Let the oil flow’ as US-Iran peace deal sparks immediate drop for Brent crude
Analysis: Oil and gas unlikely to return to prewar prices for months even if Hormuz reopens
Global oil prices have tumbled to a three-month low and stock markets closed at a record high amid fresh hopes that a US-Iran peace deal could end the greatest energy supply crisis in the history of the market.
The price of Brent crude dropped about 4% to about $83 (£62) on Monday amid optimism that the strait of Hormuz could reopen shortly and bring a return of Gulf oil exports to the market. Wholesale gas prices fell 6% in Europe.
What we know
This is a developing story. Our newsroom will follow the latest updates and market reaction in the hours ahead.
Source: The Guardian