India, June 15 -- Oil prices plunged more than 5 percent to reach three-month lows on Monday after the United States and Iran reached an initial agreement to end their war, lift the U.S. naval blockade on Iranian ports, and reopen the Strait of Hormuz that affects roughly one-fifth of global oil shipment.
Signing ceremony is set for Friday in Switzerland following weeks of mixed messaging from both Washington and Tehran on the trajectory of the conflict.
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