Oil slips $4 as US, Iran reach peace deal to reopen Strait of Hormuz

US, Iran to sign MOU on peace deal on Friday, Pakistan PM says

Further talks on final agreement expected in next 60 days

Oil prices slipped to their lowest since March on Monday after U.S. President Donald Trump ‌and Iran's deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz.
Brent crude futures fell $4.08, or 4.7%, to $83.25 a barrel by 0415 GMT and U.S. West Texas Intermediate was at $80.53, down $4.35, or 5.1%. Both contracts ​fell to their lowest levels since March 10 on Monday after tumbling more than 3% on Friday.

Source: Reuters