Crude oil prices fall over 4% after US-Iran peace deal to open Strait of Hormuz; Brent oil below $85 a barrel

Crude oil prices crashed over 4% after the US and Iran announced a peace agreement mediated by Pakistan, ending military operations and reopening the Strait of Hormuz. Brent crude fell 3.95% to $83.88 a barrel, while WTI declined 4.68% to $80.91. A permanent reopening of the Hormuz strait is expected to ease supply concerns and reduce global energy prices.