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Varcoe: Oil markets fall on news of U.S.-Iran deal, but experts expect 'prices will start to grind higher'

'Even with what's happened (with the deal), it doesn't change our view that we're in for a period of structurally higher oil prices,' said ATB Financial chief economist Mark Parsons

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Benchmark U.S. oil prices dropped more than four per cent on Monday, pulling down Canadian energy stocks, as a conditional agreement between the United States and Iran triggered promises from President Donald Trump that the critical Strait of Hormuz will reopen.

Prices for West Texas Intermediate (WTI) crude fell more than $4 to close at US$80.75 a barrel on news the two sides in the war had reached a deal. Final details have yet to be disclosed, although it reportedly includes 60 days for the two countries to iron........

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