Oil hits three-month low

Oil prices have fallen to their lowest levels in over three months following the announcement by the United States and Iran of an agreement that includes reopening the Strait of Hormuz. Brent crude traded at $83.05 per barrel, down by 4.9%, while West Texas Intermediate was at $80.30, down by 5.4%. The agreement is scheduled to be signed in Switzerland on Friday and will include lifting the blockade on Iranian ports and reopening the Strait of Hormuz without toll charges, although prices remain about $10 higher than pre-war levels.

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