Oil Slumps as US-Iran Deal May Allow Strait of Hormuz to Reopen

Oil prices slumped after the US and Iran reached a peace deal to end the Middle East war, potentially reopening the Strait of Hormuz which carries about a fifth of global oil flows. Brent fell more than 3% toward $84 a barrel while WTI traded near $81, and European natural gas futures dropped as much as 5.8%. The agreement is to be signed Friday in Switzerland, though hurdles including mine-clearing and transit-control clarity remain before Hormuz traffic fully resumes.