U.S. Crude Drops Below $80 as Iran Deal Opens Hormuz Strait

AI Summary

U.S. crude oil futures fell below $80 per barrel, declining 5.2% to $80.46 by 7:46 a.m. ET, the first drop below this price since March. Brent futures also dropped approximately 4.8% to $83.16. This price movement follows President Trump's announcement of a completed deal with Iran to reopen the Strait of Hormuz. The deal includes the end of the U.S. naval blockade of Iran and is expected to normalize oil flow in the region, impacting the global oil supply chain significantly.