Oil prices fall on US, Iran deal announcement

Crude oil prices fell over 4% to their lowest levels in over three months Sunday after the U.S. and Iran agreed to a ceasefire extension that could lead to the reopening of the Strait of Hormuz.Why it matters: Severe restrictions on oil traffic through the strait since the conflict began in late February have created an unprecedented energy shock that's a drag on the global economy.The oil price spike caused U.S. gasoline prices to soar to their highest levels since 2022, adding to GOP political...