Oil prices drop as Trump announces end of war

OIL prices reached their lowest levels since March after United States(US) president Donald Trump announced that Washington and Tehran had reached an agreement to reopen the Strait of Hormuz.

Trump on Sunday announced that the US and Iran had finalised an agreement that would see the Strait of Hormuz reopened without toll fees, as well as an end to the US naval blockade of Iran.

“I hereby fully authorise the toll-free opening of the Strait of Hormuz, and, simultaneously herewith, the immediate removal of the US naval blockade,” he says in the post.

“Ships of the world, start your engines. Let the oil flow!” he adds.