WTI crude futures opened down 4.5% after a US-Iran agreement was reached.

CNN reports U.S. Vice President Vance said the U.S.-Iran agreement was electronically signed over the weekend, is now effective, and Iran will not receive any new funds. Vance told ABC: "We signed the agreement electronically yesterday, and no funds have been released. That will not change." Trump said a formal signing ceremony will be held on Friday in Switzerland and wrote that reopening the strait at the signing would allow oil to resume flowing from both sides to the region and the world.

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