Oil prices plummet as Trump claims he is close to US-Iran deal

Brent crude falls as optimism rises that strait of Hormuz could reopen over the weekend

Global oil prices fell on Friday to lows not seen since the first week of the Iran crisis after Donald Trump claimed he was close to reaching a peace deal with Tehran.

The price of Brent crude began to tumble from about $93 a barrel in overnight trade after the US president called off further military strikes against Iran scheduled for the evening.