Oil prices fell over three percent Thursday after US President Donald Trump and his Iranian counterpart signed off on a deal to end their war and reopen the Strait of Hormuz.
At around 0625 GMT, the main US oil contract, West Texas Intermediate, sank 3.4 percent to $74.18 a barrel.
International benchmark Brent North Sea crude was down 3.02 percent at $77.15 a barrel.
