Washington, June 15 -- Crude oil prices fell sharply dropping to their lowest levels in more than three months after the US and Iran agreed to extend their ceasefire, boosting expectations that shipping through the Strait of Hormuz could soon return to levels closer to their pre-war setting.
Brent crude, the global benchmark, fell 3.6% to $84.21 a barrel after initially posting even steeper losses. US benchmark West Texas Intermediate (WTI) dropped more than 4% to $81.38 a barrel, reports Axios.
The decline comes amid reports that Washington and Tehran had reached an agreement that could pave the way for the reopening of the strategic waterway, through which roughly one-fifth of global oil trade normally passes.
Due to the strait's disru...