Adedokun Waliyu Oil prices fell to a three-month low on Tuesday amid optimism over the expected reopening of the Strait of Hormuz following a peace agreement between the United States and Iran.
Brent North Sea crude, the international benchmark, declined by 3.8 per cent to $79.99 per barrel, falling below the $80 mark for the first time since early March.
The main United States oil benchmark, West Texas Intermediate (WTI), also dropped by 3.9 per cent to $77.61 per barrel.
The decline reflects growing confidence among investors that the peace deal between the United States and Iran could ease tensions in the Middle East and restore normal shipping through the Strait of Hormuz, one of the world’s most important oil transit routes.
