Oil 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 3.8 per cent to $79.99 a barrel, dipping under $80 for the first time since early March.
The main US oil contract, West Texas Intermediate, slid 3.9 per cent to $77.61 a barrel.
The price of Brent is now well below the peak it hit during the war, which was about $120 a barrel.
Before the conflict began it was trading at around $70.
AFP
