Middle East crisis live: US and Iran reach peace deal as European leaders warn Tehran ‘must never acquire a nuclear weapon’

Initial peace deal expected to be signed in Geneva on Friday but questions remain over strait of Hormuz, Lebanon conflict and Iran’s nuclear program.

Peace deal between US and Iran announced, with strait of Hormuz expected to reopen

Explainer: what do we know about the US-Iran peace deal?

Global oil prices have tumbled amid fresh hopes that a US-Iran peace deal may end the greatest energy supply crisis in the history of the market, write the Guardian’s Jillian Ambrose and Jonathan Barrett.

The price of Brent crude dropped below $84 a barrel as the new trading week began in financial centres across Asia-Pacific, amid optimism that the strait of Hormuz could reopen shortly and bring a return of Gulf oil exports to the market.