Global oil prices fell on Friday to lows not seen since the first week of the Iran crisis after Donald Trump claimed he was close to reaching a peace deal with Tehran.
The price of Brent crude began to tumble from about $93 a barrel in overnight trade after the US president called off further military strikes against Iran scheduled for the evening.
It traded briefly below $85 a barrel on Friday morning in fresh hope that a deal between the US and Iran could mean a reopening of the strait of Hormuz over the weekend, and was later trading at about $87.50, a 3% fall on the day.
Trump called off his plan for renewed strikeslate on Thursday, saying that talks with Iran had progressed and a peace deal could lead to the reopening of trade through the strait of Hormuz as soon as this weekend.
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