Oil fell sharply in early trading after US President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, put their names to an initial accord to halt hostilities, a move expected to restore the flow of crude through the Strait of Hormuz, one of the world's most important shipping arteries.
At the time of writing on Thursday morning, the front-month contract on WTI, the US benchmark, was down by 2.3% to $75 a barrel, while Brent crude, the international gauge, traded 2% lower at around $78 a barrel.
