Trump Makes Announcement Regarding Iran Peace Deal

“This is one hell of a way to celebrate a birthday. Congratulations, Mr. President,” Waltz said.

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.

According to Reuters, Brent crude futures fell $3.58, or 4.1%, to $83.75 per barrel by 12:04 a.m. GMT. U.S. West Texas Intermediate crude futures dropped $4.01, or 4.7%, to $80.87 per barrel.

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.