Oil prices drop to $97.90 a barrel amid hopes of US-Iran peace deal

Oil prices have fallen to $97.90 a barrel amid hopes of a deal that could bring an end to the US-Israel conflict with Iran.

The U.S. and Iran have agreed to a deal in principle to finally reopen the Strait of Hormuz and give up its uranium supply, according to a senior official.

The deal would see the narrow waterway open up for ships to pass through freely, and ideally help mellow out the war in the Middle East, but it could take days to come into play, a senior Trump administration official said.

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