Oil prices tumbled on Tuesday, hitting their lowest levels in three months amid growing optimism that the Strait of Hormuz could soon reopen following a peace agreement between the United States and Iran.
Gatekeepers News reports that brent crude, the international oil benchmark, fell 3.8 per cent to $79.99 per barrel, slipping below the $80 mark for the first time since early March.
Meanwhile, the US benchmark, West Texas Intermediate (WTI), declined 3.9 per cent to $77.61 per barrel.
The sharp decline in oil prices reflects market expectations that tensions in the Middle East may ease, reducing concerns over potential disruptions to global oil supplies through the Strait of Hormuz, a key shipping route for crude exports.
