Oil slips again as US, Iran sign peace deal

Oil prices fell in early trading on Thursday after the US and Iran signed an interim agreement that would end the Iran ​war, reopen the Strait of Hormuz and waive US sanctions on ‌Tehran’s oil, resolving the largest energy supply disruption in history. Brent crude futures were down 89 cents, or 1.12%, at $78.66 a barrel as of 0005 GMT, and US West Texas Intermediate ​fell 98 cents, or 1.28%, to $75.81 a barrel. The benchmarks resumed their decline, ​reversing gains made on Wednesday after US President Donald Trump said ⁠he could resume his bombing campaign if Iran’s leaders “don’t behave”. “The sell-off extended as ​energy markets continued to aggressively price in a faster-than-expected return of Iranian barrels ​following the recent US-Iran memorandum of understanding,” IG market analyst Tony Sycamore said in a note.