00:00Oil prices fell sharply after the US and Iran say they had agreed on a framework to end the conflict
00:06and reopen the Strait of Hormuz.
00:08Brent crude, the global oil benchmark, dropped to nearly 5% to around US$83 a barrel, after surging above
00:16US$100 during the conflict.
00:20Markets had already been expecting a deal, but confirmation of the agreement helped push prices lower.
00:26The Strait of Hormuz, which carries around 20% of the world's oil supplies, has been effectively closed since the
00:32start of the conflict in February, raising concerns over global energy supplies.
00:37Oil prices rose sharply during the war, with Brent crude climbing from around US$70 a barrel to a peak
00:44of more than US$120.
00:46Investors are now hopeful a peace deal could help ease pressure on the global economy and energy markets.
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