India, June 18 -- Oil prices were sharply lower on Thursday amid easing geopolitical tensions after U.S. President Donald Trump and his Iranian counterpart remotely signed a preliminary agreement to end the 110-day conflict.
Brent crude futures fell 2.4 percent to $77.61 a barrel, extending declines toward the lowest levels since early March as the International Energy Agency warned of a potential supply glut and focus shifted to the prospect for a swift reopening of the Strait of Hormuz. WTI crude futures for July delivery were down 2.7 percent at $74.71.
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