News24 | Oil slides 3% to three-month low as markets weigh US-Iran peace deal

Oil prices dropped significantly by nearly 3% on Tuesday, reaching a three-month low, as investors considered the potential for increased supply from the Strait of Hormuz following a preliminary peace deal between the US and Iran. The market's reaction underscores broader concerns about weak physical demand and the lack of concrete details about the deal's implementation. This shift in oil prices has significant implications for global energy markets, potentially impacting everything from fuel costs to economic recovery strategies worldwide.