Oil prices have fallen after Pakistan, which has been mediating an end to the US-Iran war, announced a framework deal that President Donald Trump said would see the reopening of the key Strait of Hormuz shipping route.
Brent crude, the global oil benchmark, was 4.3% lower at $83.55 (£62.10) a barrel on Monday, while US-traded oil was down by 4.9% at $80.74.
Pakistan's prime minister Shehbaz Sharif said an official signing ceremony would be held on Friday, 19 June in Switzerland.
The Strait of Hormuz has been effectively closed since shortly after the US and Israel launched airstrikes on Iran on 28 February.
After the conflict began, Tehran threatened to attack vessels using the crucial waterway, through which around 20% of the world's oil and liquefied natural gas (LNG) normally passes.
