Oil prices drop over 5% after U.S.-Iran peace deal to reopen Strait of Hormuz

Oil prices broadly tumbled and global stocks rose Monday — but only moderately — after the U.S. and Iran said they had reached an agreement to end fighting and reopen the Strait of Hormuz.

The price of U.S. crude oil slid more than 5.5% in mid-day Monday trading to around $80 per barrel, while international Brent crude fell about 5%, slipping below $83 per barrel.

For both benchmarks, these levels were the lowest since the first week of March, just days after the war with Iran was launched.