Oil prices slide after Pakistan announces deal between US and Iran

oil prices fell in Asia on Monday after Pakistan, which has been mediating an end to the Iran-war" class="entity-link entity-event" data-entity-id="107864" data-entity-type="event">US-Iran war, announced a deal that President Donald Trump said would see the reopening of the key Strait of Hormuz shipping route.Brent crude, the global oil benchmark, was 4.8% lower at $83.18 (£61.89) a barrel, while US-traded oil was down 5.6% at $80.13.Pakistan's prime minister Shehbaz Sharif said an official signing ceremony would be held on Friday, 19 June in Switzerland.Iran's Deputy Foreign Minister Kazem Gharibabadi confirmed in a phone call on state TV that a deal with the US had been finalised, while Trump posted on social media "let the oil flow!". But Vandana Hari from energy markets analysis firm Vanda Insights said a lack of detail on what has been agreed "is likely to inject unease and uncertainty into the market."This could mean a week of uncertainty and volatility for the oil market, she added.The Strait of Hormuz had been effectively closed since shortly after the US and Israel launched airstrikes on Iran on 28 February.Tehran had threatened to attack vessels using the crucial waterway, through which around 20% of the world's oil and liquefied natural gas (LNG) normally passes.