Oil prices fell on Thursday after the United States and Iran signed an interim agreement to end their military standoff, reopen the Strait of Hormuz to shipping, and lift US sanctions on Iranian oil exports, easing concerns about the biggest disruption to global energy markets.

Brent crude futures fell 2.2% to $77.80 a barrel, while US West Texas Intermediate crude futures dropped 2.4% to $74.88 a barrel.

Thus, both crude oil benchmarks continued their decline after relinquishing the gains they made in Wednesday's session, following statements by US President Donald Trump indicating the possibility of resuming the air campaign if "Iran's leaders do not behave."