Oil prices fell sharply on Sunday after President Trump announced that the U.S. and Iran had agreed to a peace deal.

Brent crude, the international benchmark, fell by around four percent to below $84 a barrel, the lowest price since March 5. West Texas Intermediate, the U.S. benchmark, fell by nearly five percent to below $81 a barrel.

“With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!” President Trump said Sunday evening.

Stock futures tied to U.S. equities market climbed on the news.

“The Deal with the Islamic Republic of Iran is now complete,” Trump wrote in an earlier Truth Social post. “Congratulations to all! I hereby authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!”