The Globe and Mail reports in its Wednesday edition that oil prices plunged again Tuesday, bringing the two-day drop to about 9 per cent after the United States and Iran reached an agreement on Sunday calling for an end to their war and the reopening of the Strait of Hormuz. The Globe's Sophia Bertuzzi writes that oil markets are unwinding the war-risk premiums that drove up benchmark prices after the conflict erupted in late February, halting shipping in the critical waterway. Brent and West Texas Intermediate dropped more than 4 per cent Tuesday, hitting three-month lows, after losing 5 per cent on Monday. Markets are pricing in lasting peace from the U.S.-Iran agreement, but uncertainty is still clouding oil's outlook as details of the memorandum of understanding -- set to be signed on Friday -- are largely unknown. Iran's Foreign Minister said that after the agreement is signed, Iran and the U.S. would start a new round of negotiations to reach a more comprehensive agreement in 60 days. Stefane Marion, chief economist at National Bank, said he expects oil to hover near the $80 (U.S.) mark, cautioning that the market remains well above prewar prices and that it will take time for prices to stabilize at lower levels.