Rolling coverage of the latest economic and financial news Oil prices tumble amid hopes strait of Hormuz will soon reopen The US-Iran agreement is well-timed for the Bank of England, which is due to set UK interest rates on Thursday. If the strait of Hormuz does reopen, and oil flows return towards pre-war levels, there will be less inflationary pressure – and thus less need for interest rate rises. Over the past month, the price of oil is down by more than a fifth, and the Brent crude price is