Brent oil price drops under $80 on US-Iran deal
Oil prices tumbled to their lowest level in three months on Tuesday amid growing optimism that the Strait of Hormuz could soon reopen following a peace agreement between the United States and Iran.
Brent crude, the global oil benchmark, fell by 3.8 per cent to $79.99 per barrel, dropping below the $80 mark for the first time since early March.
Similarly, US benchmark West Texas Intermediate (WTI) declined by 3.9 per cent, settling at $77.61 per barrel.