US-Iran peace deal, June 15 -- Oil prices fell to their lowest levels since March on Monday after U.S. President Donald Trump and Iran's deputy foreign minister announced that they had reached a preliminary agreement to end the conflict and restore shipping through the Strait of Hormuz.

Brent crude futures dropped $3.58, or 4.1%, to $83.75 per barrel, while US West Texas Intermediate (WTI) crude declined $4.01, or 4.72%, to $80.87 per barrel. Both benchmarks had already registered losses of more than 3% in the previous session.

Back home, crude oil prices on Multi Commodity Exchange (MCX) also witnessed a similar downward movement, tracking global prices. MCX crude oil prices tanked 5.32% to Rs.7,544 per barrel.

The United States and I...