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Oil prices have fallen 2pc to their lowest since the first trading day of the Iran war, as a US-Iran interim deal to end the war, reopen the Strait of Hormuz and ease sanctions on Tehran boosted the global supply outlook, Reuters reports.
Brent crude futures were down $1.59, or 2pc, at $77.96 a barrel as of 8:11am GMT, while US West Texas Intermediate fell $1.83, or 2.38pc, to $74.96 a barrel.
“The sell-off extended as energy markets continued to aggressively price in a faster-than-expected return of Iranian barrels following the recent US-Iran memorandum of understanding,” IG market analyst Tony Sycamore said in a note.
