Donald Trump posts ‘Let the oil flow’ as US-Iran peace deal sparks immediate drop for Brent crude

• Analysis: Oil and gas unlikely to return to prewar prices for months even if Hormuz reopens

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Global oil prices have tumbled to a three-month low and stock markets closed at a record high amid fresh hopes that a US-Iran peace deal could end the greatest energy supply crisis in the history of the market.

The price of Brent crude dropped about 4% to about $83 (£62) on Monday amid optimism that the strait of Hormuz could reopen shortly and bring a return of Gulf oil exports to the market. Wholesale gas prices fell 6% in Europe.