Beirut: Oil prices tumbled in early Asian trade after US President Donald Trump announced a peace agreement with Iran and the resumption of shipping traffic through the Strait of Hormuz. Brent crude futures dropped $3.51, or 4.02 percent, to $83.82 a barrel, while US West Texas Intermediate (WTI) crude fell $3.93, or 4.63 percent, to $80.95 a barrel. According to Qatar News Agency, the announcement of the peace agreement has brought about a significant change in the geopolitical landscape, impacting the global oil markets. The Strait of Hormuz is a critical checkpoint for global oil shipments, and the resumption of shipping traffic is expected to stabilize supply routes, contributing to the drop in prices. The agreement and the reopening of the strait are seen as pivotal moves in reducing tensions in the region, leading to an immediate impact on oil prices. Market analysts are closely monitoring the developments, anticipating further implications for the global oil supply chain.