Oil prices fall on US, Iran deal announcement

Crude oil prices dropped over 4% to three-month lows following a U.S.-Iran ceasefire extension that may reopen the Strait of Hormuz. The agreement could increase tanker traffic and ease the energy shock impacting the global economy. U.S. gasoline prices, which peaked around $4.56 per gallon, have retreated but remain elevated. The market disruption will take months to resolve.