Oil prices hit three-month low and markets reach record high amid Iran deal breakthrough

Donald Trump posts Let the oil flow' as US-Iran peace deal sparks immediate drop for Brent crude

• Analysis: Oil and gas unlikely to return to prewar prices for months even if Hormuz reopens

• Middle East crisis: live updates

Global oil prices have tumbled to a three-month low and stock markets closed at a record high amid fresh hopes that a US-Iran peace deal could end the greatest energy supply crisis in the history of the market.

The price of Brent crude dropped about 4% to about $83 (62) on Monday amid optimism that the strait of Hormuz could reopen shortly and bring a return of Gulf oil exports to the market. Wholesale gas prices fell 6% in Europe.