Brent crude moves below $80 a barrel for the first time in more than three months as markets price in the prospect that a pending U.S.-Iran agreement will reopen the Strait of Hormuz and restart oil flows. Multiple outlets report Brent North Sea crude drops about 4% Tuesday, trading just under the $80 threshold—around $79.87 to $79.99—before some reports note a slight rebound to near $80. Optimism is tied to statements that the strait would “completely open” once the U.S. and Iran sign their peace agreement, with signing expected after negotiations in Switzerland. Several sources link the price move to earlier disruptions in tanker traffic during an escalation that included U.S. and Israeli strikes in late February. Traders focus on near-term supply expectations, while also watching for risks that Iran could impose “service fees” or tolls on ships transiting the waterway, which could partially offset the benefits of reopening. Alongside crude, other gauges in the energy complex—including U.S. West Texas Intermediate futures, gasoline prices, and broader market commentary—also decline as sentiment shifts toward easier supply conditions.
Brent falls below $80 as US-Iran deal raises hopes of Strait of Hormuz reopening
Brent crude moves below $80 a barrel for the first time in more than three months as markets price in the prospect that a pending U.S.-Iran agreement will reopen the Strait of Hormuz and restart oil f...
- Brent North Sea crude trades below $80 a barrel for the first time in more than three months.
- The move is driven by optimism that a U.S.-Iran deal will reopen the Strait of Hormuz and revive oil supply.
- Brent falls roughly 4% to around $79.87–$79.99, with some reports noting a later move back toward about $80.
- West Texas Intermediate also declines, trading around the mid-$70s to about $77.16 in reported figures.
- Some sources note remaining concerns about possible Iranian charges or “service fees” for ships using the strait.
West Texas Intermediate traded below $77 a barrel after tumbling 16% over the previous four sessions, its longest losing streak of the year. Brent crude remained near $79 a barrel, extending a sharp retreat.
4 hours agoWith optimism continuing that a tentative U.S.-Iran deal on their war will reopen the Strait of Hormuz at the end of the week and get the global flow of oil going again, the price for a barrel of Brent crude fell 5.4% to $78.66.
8 hours agoBrent oil fell below $80 a barrel for the first time in more than three months as the US-Iran deal to reopen the Strait of Hormuz boosted expectations for a revival in supply, with leading Wall Street banks reducing their price forecasts and regional benchmarks collapsing. Gasoline prices are also falling. Bloomberg Mike McGlone joins to discuss. (Source: Bloomberg)
10 hours agoOil prices dropped below $80 a barrel Tuesday on optimism over the promised reopening of the Strait of Hormuz, easing inflation pressures on global economies even though traders are eyeing the risk of Iranian "service fees" on ships transiting the strait.Oil hit a three-month low as Brent North Sea crude, the international benchmark, dropped 4.0 percent to $79.87 a barrel, dipping below $80 for the first time since early March, before edging back up to $80.52.
15 hours agoOil prices fell to a three-month low Tuesday on optimism over the expected reopening of the Strait of Hormuz after a peace deal between the United States and Iran.Brent North Sea crude, the international benchmark, dropped 4.0 percent to $79.87 a barrel, dipping below $80 for the first time since early March.The main US oil contract, West Texas Intermediate, slid 4.5 percent to $77.16 a barrel.US President Donald Trump said the Strait of Hormuz would "completely open" once Washington and Iran sign their peace agreement on Friday in Switzerland.Iran had effectively halted tanker traffic through the vital waterway in retaliation for US and Israeli strikes launched in late February, choking off oil and gas traffic and sending crude prices skyrocketing."Traders are pricing in the reopening of the Strait of Hormuz as the most immediate and positive result of any peace deal," said David Morrison, senior market analyst at broker Trade Nation.While Iranian officials have threatened to impose tolls on ships passing through the crucial channel, "as far as oil traders are concerned, they see a market which is loosening up at last," Morrison said.
16 hours agoBrent North Sea crude, the international benchmark, dropped 3.8 percent to $79.99 a barrel, dipping under $80 for the first time since early March. The post Brent oil price drops under $80 on US-Iran deal appeared first on Vanguard News.
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