Oil price falls to three-month low and markets rally after US-Iran peace deal – business live (opens in new tab)

Rolling coverage of the latest economic and financial newsThe US-Iran agreement is well-timed for the Bank of England, which is due to set UK interest rates on Thursday.If the strait of Hormuz does reopen, and oil flows return towards pre-war levels, there will be less inflationary pressure – and thus less need for interest rate rises.Over the past month, the price of oil is down by more than a fifth, and the Brent crude price is now back at levels from early March. This is good news for infl...