Oil prices drop as US-Iran deal may reopen Strait of Hormuz, easing supply fears.

Oil prices fell sharply after reports of a US-Iran framework deal that could reopen the Strait of Hormuz, a key oil transit route. This potential reopening has eased concerns over global energy supply disruptions, causing crude prices to drop nearly 5-6%. UK oil majors BP and Shell saw their shares fall in early trading as investors priced in reduced supply risks. However, the deal still requires formal signing and clearance of mines, so market sensitivity remains high regarding safe shipping and normal Gulf oil flows.