A peace deal has been reached between the United States and Iran, but getting oil to flow through the region again and helping gas prices return to pre-war levels may be more of a challenge. That’s because the physical and economic damage done means consumers will need to get used to a “new normal,»»»

Brent crude prices: Global oil prices dropped sharply after the United States and Iran announced an interim agreement to end their months-long conflict, raising hopes that the Strait of Hormuz — one of the world's most important energy shipping routes — could reopen once the deal is formally signed»»»

Drivers refuel their vehicles at a gas station in southern Seoul on Monday. (Yonhap) A ceasefire agreement between the United States and Iran and plans to reopen the Strait of Hormuz have eased one of the biggest external risks facing South Korea's economy, but oil prices could take time to stabili»»»

Follow our live coverage here. SINGAPORE - Oil prices dropped on June 15 after US President Donald Trump and Iran’s deputy foreign minister said they have reached a deal to halt the war and to resume traffic through the Strait of Hormuz. The global oil benchmark, Brent crude, fell US$3.51, or 4.02 »»»