Brent crude falls after US-Iran peace deal announcement

WASHINGTON, United States — Brent crude futures dropped on Monday after the United States and Iran announced they had reached a peace agreement, Reuters reported. Brent slipped about 4% to $83.96 a barrel, while U.S. crude futures fell to around $80.25. Pakistani Prime Minister Shehbaz Sharif said the agreement followed intensive negotiations between Washington and Tehran, and U.S. President Donald Trump confirmed that the two countries had reached a peace deal. Market participants described the price decline as a response to the diplomatic breakthrough between the two governments. The move came as oil traders weighed the prospect of reduced geopolitical tension in the Gulf region. Further details on the terms of the agreement and its implementation timeline were not immediately available.