Oil prices drop further below 80 dollars a barrel as US-Iran peace deal signed

Russ Mould, investment director at AJ Bell, said: “The US and Iran have signed an initial deal to end the war, causing oil prices to fall further.

“Oil has now fallen by 30 per cent in just over four weeks, wiping out much of the increases seen since the start of the war in late February.

“Brent crude now trades at $77.79 per barrel, ever closer to the pre-conflict $70 level.

“That has huge significance for inflation and interest rates, as well as business, consumer and investor sentiment.

“It takes the pressure off industries and households and is hugely positive for global economic growth.”