Oil Prices Fall: Brent Crude at $80.91, WTI at $78.46

AI Summary

On Tuesday, Brent crude futures fell 2.7% to $80.91, while U.S. West Texas Intermediate (WTI) futures dropped 2.8% to $78.46, marking their lowest levels in three months. This decline follows ongoing uncertainty regarding a U.S.-Iran agreement aimed at resolving Middle Eastern tensions. President Trump announced the peace framework with Iran, with expectations that the Strait of Hormuz will reopen on Friday. Despite this, tanker operators express caution about resuming normal traffic through the Strait, which previously accounted for about 20% of global oil supply.