Oil slumps to lowest price since US-Iran conflict

•As cease fire deal eases supply fears
By Yinka Kolawole,  with agency report  
Oil prices fell sharply on Thursday, dropping to their lowest levels since the outbreak of the US-Iran conflict, as an interim agreement between the United States and Iran improved prospects for global crude supply
According to Reuters, Brent crude futures declined by $1.53, or 1.9 per cent, to $78.02 per barrel as of 1326 GMT, while U.S. West Texas Intermediate (WTI) crude fell $2.22, or 2.9 per cent, to $74.57 per barrel.
Brent crude touched its lowest level since the first trading session following the initial US-Israeli strikes on Iran, while WTI dropped to its weakest level since early March.
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