Economy
Brent Oil Prices Drop Below $80 Following Hormuz Strait Reopening
Brent crude oil prices fell below $80 per barrel for the first time since early March after the US announced the full reopening of the Strait of Hormuz.
Brent crude oil prices declined to under $80 per barrel for the first time since early March, following the announcement by US President Donald Trump that the Strait of Hormuz would be fully reopened starting Friday.
The price of Brent North Sea crude, due for August delivery, dropped by 3.72% to reach $80.08 around 12:25 GMT, continuing its downward trend since the announcement of an agreement between Tehran and Washington to end the Middle East conflict and resume navigation through the strategic maritime passage.
Meanwhile, the price of West Texas Intermediate crude fell by 4.5%, settling at $77.16 per barrel.
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