Oil prices dropped on Sunday after President Donald Trump said an agreement with Iran had been reached and the United States would end its naval blockade on the country.

On Thursday, Iran ​announced "the closure" of the Strait of Hormuz, through which vessel traffic was already severely limited, saying it would ​fire on any ship trying to pass through the waterway.

The Prime Minister congratulated Donald Trump and key mediators on the “breakthrough” after the US president said an agreement “is now complete” and the Strait of Hormuz oil and gas shipping route is ...