Oil prices have fallen following news of the deal between the US and Iran. Brent crude futures fell 4.02% to $83.82 per barrel.
Meanwhile, US West Texas Intermediate crude was at $80.95 per barrel, down 4.63%.
US President Donald Trump said the Strait of Hormuz would be opened and the US naval blockade of Iranian ports would be lifted. “Ships of the world, start your engines,” he wrote, adding “let the oil flow!”
“The deal with the Islamic Republic of Iran is now complete. Congratulations to all! I am fully authorizing the free opening of the Strait of Hormuz and, at the same time, authorizing the immediate lifting of the United States naval blockade. Ships of the world, start your engines. Let the oil flow!”, the American leader asserted.
Both sides have declared an immediate and permanent end to military operations on all fronts, including in Lebanon, according to Pakistan’s prime minister.