Oil hits three-month low on US-Iran deal, Hormuz easing

22 minutes ago

Oil prices have dropped below $80 a barrel on optimism over the promised reopening of the Strait of Hormuz, easing inflation pressures on global economies, even though traders are eyeing the risk of Iranian "service fees" on ships transiting the strait. Oil hit a three-month low on Tuesday as Brent North Sea crude, the international benchmark, dropped 4.0 percent to $79.87