Oil Plunges on Iran Deal Hopes

Crude oil prices tumbled over 5% to a three-month low after the US and Iran announced a tentative peace agreement.

The deal includes the reopening of the Strait of Hormuz, easing fears of a prolonged global supply disruption that had rattled markets for months.

However, major shipping operators warn that full transit through the waterway will take weeks to resume as they await proof the deal is 'material.' Analysts have cut oil price forecasts, but caution that a full return to pre-war production levels could take months.