Afghanistan, June 15 -- Global oil prices fell sharply on Monday after the United States and Iran announced a preliminary agreement aimed at ending months of conflict and reopening the Strait of Hormuz, easing concerns over disruptions to energy supplies from the Middle East.
Brent crude dropped by more than $4 to $83.30 per barrel, while U.S. West Texas Intermediate (WTI) crude fell more than 5% to $80.60 per barrel. Both benchmarks had already posted losses of more than 3% at the end of last week.
The decline followed announcements by U.S. President Donald Trump and Iranian Deputy Foreign Minister Kazem Gharibabadi that Washington and Tehran had reached an initial agreement to halt hostilities and restore maritime traffic through the St...