Oil Prices Sink Further as Trump Signs Deal to Reopen Hormuz

Oil prices tumbled again Thursday after US President Donald Trump and his Iranian counterpart signed off on a deal to end their war and reopen the Strait of Hormuz. 

The news boosted optimism for a lasting peace between the two nations after more than three months of war that has rattled energy markets and fuelled a fresh spike in inflation.

However,



the upbeat mood on trading floors was tempered by expectations the Federal Reserve will hike interest rates before year's end, after its new boss held his first policy meeting and acknowledged "persistently high prices are a burden for the American people".

Trump put his signature to the memorandum of understanding in Versailles after the G7 summit, telling reporters: "Just signed it."