New Delhi, June 15 -- Crude oil prices crashed more than 4% on Monday after the United States and Iran announced they had reached a peace agreement to end the war and reopen the Strait of Hormuz.

Brent crude oil price plunged 3.95% to $83.88 a barrel, while the US West Texas Intermediate (WTI) crude declined 4.68% to $80.91.

Mediator Pakistan said the US and Iran agreed to a peace deal and an "immediate and permanent" end to military operations on all fronts, including Lebanon.

(More to come)

Published by HT Digital Content Services with permission from MINT....