Oil hits 3-month low as US, Iran reach peace deal to reopen Strait of Hormuz

SINGAPORE: Oil prices slipped to a three-month low on Monday after US 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 $3.65, or 4.2 percent, to $83.68 a barrel by 09:30 a.m. and US West Texas Intermediate was at $80.75, down $4.13, or 4.9 percent. Both contracts fell to their lowest levels since March 10 on Monday after tumbling more than 3 percent on Friday.