Oil prices fall below $80 a barrel on US-Iran deal optimism, Strait of Hormuz reopens
via Punch Nigeria3 min read
Oil prices dropped below $80 a barrel on Tuesday, reaching a three-month low, driven by optimism surrounding the promised reopening of the Strait of Hormuz. Brent North Sea crude, the international benchmark, fell 4.0 percent to $79.87 a barrel, while the main US oil contract, West Texas Intermediate, slid 4.7 percent to under $77 a barrel. US President Donald Trump stated that the Strait of Hormuz would "completely open" following the signing of a peace agreement between Washington and Iran in Switzerland on Friday. Iranian media reported that several oil tankers and cargo ships had already transited the strait. Tehran had blockaded the strait after the US and Israel launched their war against Iran on February 28. Despite the fall in oil prices, analysts cautioned that market conditions could remain tight for weeks or months due to ongoing uncertainties about supplies and the need to rebuild US strategic oil stockpiles, which are at their lowest level since 1983. Wall Street showed mixed results, with the Dow adding 0.8 percent, but the S&P 500 dipped 0.2 percent and the Nasdaq shed 0.4 percent. European markets closed higher, while Asian markets ended mixed. Central bank decisions are also in focus this week, with the US Federal Reserve and the Bank of England expected to keep rates steady, while the Bank of Japan raised interest rates to their highest level since 1995.
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