Oil falls as supply starts moving through Strait of Hormuz
Oil prices fell almost 3% on Thursday to their lowest since the first trading day of the Iran war, as a U.S.-Iran interim deal to end the conflict, reopen the Strait of Hormuz and ease sanctions on Tehran boosted the global supply outlook. Brent crude futures were down $1.53, or 1.9%, at $78.02 a barrel at 1326 GMT, while U.S. West Texas Intermediate fell $2.22, or 2.9%, to $74.57 a barrel. Brent sank to its lowest since March 2, which was the first day of trading after the initial U.S.-Israeli strikes on Iran, while WTI was at its lowest since March 4.