Crude oil prices fell as the US and Iran neared a potential deal, though a US blockade of the Strait of Hormuz remains pending an agreement. Global benchmarks saw significant declines.

Oil dropped at the week’s open as the US and Iran edged towards a deal, although US President Donald Trump said Washington’s blockade of the Strait of Hormuz would remain until an agreement was completed. Global crude benchmark Brent fell as much as 4.2 per cent to US$99.16 a barrel, after declining more than 5 per cent last week, while West Texas Intermediate was near US$92. Trump said in social-media posts he would not “rush” into a deal, which “isn’t even fully negotiated yet”. Any final...