Oil drops below US$80 on US-Iran deal (opens original article in a new tab)

Oil prices dropped below US$80 a barrel as markets anticipated the reopening of the Strait of Hormuz, with Brent and WTI crude falling significantly. Wall Street stocks showed mixed performance, while SpaceX's stock rose, making it the fifth largest company by market value.

• Oil prices fell below US$80 a barrel due to optimism about the Strait of Hormuz reopening
• Brent crude dropped 5.1% to US$78.96 and WTI fell 5.8% to US$76.05
• Analysts note that market conditions may remain tight for weeks after the conflict ended
• Wall Street stocks had mixed results with Dow rising and S&P 500 and Nasdaq retreating
• SpaceX's stock rose 5% making it the fifth largest company by market value