Oil prices fall below $80 on Middle East peace prospects (opens original article in a new tab)

Oil prices fell below $80 as US and Iran agreed to end the Middle East war, leading to the Strait of Hormuz reopening. Brent and WTI crude prices dropped on renewed supply prospects.

• Oil prices fell below $80 per barrel as US-Iran agreement prospects emerged.
• Strait of Hormuz set to reopen after months of disruption following peace deal.
• Brent and WTI crude prices dropped 4.03% and 4.48% respectively on renewed supply expectations.