The US and Iran say they have reached an agreement that will, among other things, reopen the Strait of Hormuz to traffic. Oil prices fell after the announcement.
About an hour into trading, August futures for fuel oil fell by about 3.9 percent to $83.90 per barrel, according to CNBC.
US President Donald Trump has stated that the strait will be opened after the parties sign an agreement on Friday, according to AFP.
