ADVERTISEMENT
Oil prices tumbled to their lowest levels since March on Monday after President Donald Trump and Iran’s deputy foreign minister announced that the two sides had reached an agreement to end the conflict and restore normal shipping operations through the strategically vital Strait of Hormuz.
The sharp decline followed an earlier selloff at the end of last week, with both major oil benchmarks already down more than 3% on Friday as traders increasingly bet that easing tensions in the Middle East would reduce the risk of disruptions to global energy supplies.