Oil prices fall after report of breakthrough in US-Iran talks

Oil prices have dropped following a report the US and Iran have reached a deal, subject to President Donald Trump's approval. Axios reported officials had made an agreement over an extended ceasefire on Thursday. It drove the price of a barrel of Brent crude down to a low of $93.36 from a earlier high of $98, before rebounding to about $94. Prices had jumped earlier after the US carried out new attacks on Iran, targeting a military site in Bandar Abbas, a strategic port city. The strikes occurred despite an ongoing ceasefire between Tehran and Washington to allow for talks to end the three-month-long war that has effectively closed the Strait of Hormuz waterway, pushing up global energy costs.