JOHANNESBURG - Global oil prices have tumbled amid fresh hopes that a US-Iran peace deal may end the energy supply crisis.
The price of Brent crude dropped below 84 dollars a barrel as the new trading week began.
There Is optimism that the Strait of Hormuz could reopen shortly and bring a return of Gulf oil exports to the market.
READ | US-Iran peace deal announced with 'permanent' end to military action
US President Donald Trump announced on Sunday that a deal was now complete.
Details of the agreement are unclear, notably around the timing of the reopening of the strait.
And who will oversee safe passage and whether any conditions will be applied.