Oil prices have dropped following a report the US and Iran have reached a deal, subject to President Donald Trump's approval, reports BBC.

Axios reported officials had made an agreement over an extended ceasefire on Thursday. It drove the price of a barrel of Brent crude down to a low of $93.36 from a earlier high of $98, before rebounding to about $94.

Prices had jumped earlier after the US carried out new attacks on Iran, targeting a military site in Bandar Abbas, a strategic port city.

The strikes occurred despite an ongoing ceasefire between Tehran and Washington to allow for talks to end the three-month-long war that has effectively closed the Strait of Hormuz waterway, pushing up global energy costs.

Around a fifth of the world's oil and liquefied natural gas (LNG) supplies usually pass through the strait.

Shortly after the US and Israel launched airstrikes on Iran on 28 February, Tehran responded by threatening to attack vessels using the shipping route.

Global energy prices have swung wildly since the conflict began, with Brent crude - the global oil benchmark - briefly surging to around $120 a barrel. Before the war it was trading at closer to $70.

The cost of oil had fallen sharply this week on hopes that a deal would soon be reached to reopen the Strait of Hormuz.

END/BBC/ASA

At least 34 people, including two babies were killed when a contraband fuel depot exploded into flames in southern Benin near the border with Nigeria on Saturday.

According to Beninese Interior Minister Alassane Seidou, “a serious fire occurred in the town of Seme Podji. Another 20 people were seriously wounded in the incident.”

"I can't really give you the cause of the fire, but there is a large gasoline warehouse here and cars, tricycles and motorcycles come from morning to evening,” he added.

Nigeria is a main oil and gas producer where fuel smuggling is very common along its borders, particularly when the government maintains a subsidy to keep fuel prices low.

The majority of the victims were burnt and they could not be not be identified.

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