Oil prices fell on the prospect of more supply returning to the market after oil tankers began to move through the Strait of Hormuz following the signing of the US-Iran interim peace deal, Reuters reports.

Brent crude futures fell 54 cents, or 0.68 per cent, to $78.31 a barrel as of 0146 GMT. US West Texas Intermediate crude slipped 46 cents, or 0.60pc, to $76.14 a barrel.