Oil dips as US-Iran peace deal sparks Hormuz reopening hopes

Oil prices fell in early Asia trade after reports that the US and Iran had finalized a peace deal mediated by Pakistan, with a signing ceremony planned in Switzerland; Brent crude slipped about 4% to $83.81 a barrel and US crude fell about 4.7% to $80.89 as markets weighed the potential reopening of the Strait of Hormuz, a crucial chokepoint through which roughly 20% of global oil and LNG passes. Analysts cautioned that the lack of deal details could keep markets volatile amid ongoing regional tensions.