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Oil prices have fallen more than 2 per cent to a new three-month low as markets show optimism for the reopening of the Strait of Hormuz, following the preliminary deal between the US and Iran, Al Jazeera reports.
Brent crude futures are down $2.02, or 2.4pc, at $81.15 a barrel, by 1059 GMT. The benchmark has fallen to $80.89 per barrel, the lowest since March 4.
US West Texas Intermediate is down $2.22, or 2.8pc, at $78.53 a barrel after dropping to $78.27 – the lowest since March 10.
