Oil prices tumble amid hopes strait of Hormuz will soon reopen

US-Iran peace deal sparks immediate drop for Brent crude but analysts warn complex negotiations lie ahead, potentially halting further significant drops Middle East crisis: live updates Peace deal between US and Iran announced, with strait of Hormuz expected to reopen What do we know about the US-Iran peace deal – and what questions remain? Global oil prices have tumbled amid fresh hopes that a US-Iran peace deal may end the greatest energy supply crisis in the history of the market. The price of Brent crude dropped below $84 a barrel as the new trading week began in financial centres across Asia-Pacific, amid optimism that the strait of Hormuz could reopen shortly and bring a return of Gulf oil exports to the market.