US: Oil prices tumble as US-Iran peace deal paves way for reopening of Strait of Hormuz.

***FILE FOOTAGE*** SHOTLIST RIO DE JANEIRO, BRAZIL (MARCH 25, 2026) (FILE FOOTAGE) (PART MUTE) 1. VARIOUS DRONE SHOTS OF THE 2. VARIOUS OF TRUCKS AND OIL TANKER TRUCKS OUTSIDE THE REFINERY HARRISON, TEXAS, UNITED STATES (FEB. 28, 2026) (FILE FOOTAGE) (MUTED) 3. VARIOUS DRONE SHOTS OF THE AIR LIQUIDE–EASTMAN INDUSTRIAL FACILITY AS OPERATIONS CONTINUE NEW YORK, UNITED STATES (MARCH 6, 2026) (FILE FOOTAGE) (MUTED) 4. VARIOUS DRONE SHOTS SHOWING THE PHILLIPS 66 OIL REFINERY ALMETYEVSK, TATARSTAN, RUSSIA (AUGUST 2023) (FILE FOOTAGE) 5. VARIOUS OF OIL WELLS AT TATNEFT FIELDS 6. VARIOUS OF STAFF WORKING NEAR OIL WELLS 7. VARIOUS OF OIL WELLS MUMBAI, INDIA (MARCH 12, 2026) (FILE FOOTAGE) 8. VARIOUS OF THE TANKER SHIP “SHENLONG” NEAR MUMBAI PORT OMAN (APRIL 8, 2026) 9. VARIOUS OF SHIPS ON STRAIT OF HORMUZ***FILE FOOTAGE***: Oil prices fell sharply late Sunday after an agreement was announced to end the conflict between the US and Iran by mediator Pakistan. Brent futures, which were trading above $87, decreased to below the $84 level, down roughly 4% day-by-day as of 2222GMT following the news of the planned agreement between Washington and Tehran, which is set to be signed on Friday after over three months of the conflict. Pakistani Prime Minister Shehbaz Sharif announced early Monday that the US and Iran had reached the agreement following intensive negotiations, with both sides declaring an immediate and permanent end to military operations across all fronts, including in Lebanon. "Following intensive talks, we are pleased to announce that the Peace Deal between the United States of America and Islamic Republic of Iran has been REACHED," Sharif said in a post on the US social media platform X. He added that "both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon." According to Sharif, the official signing ceremony is scheduled to take place on June 19 in Switzerland.