Brent crude oil fell below $80 a barrel for the first time since the early days of the Iran war, as traders remained confident about the US-Iran peace deal. The benchmark price dipped to $79.96, its lowest since March 3, the first week after US-Israeli attacks on Iran began.
This represents a drop of $15 a barrel since last Thursday, before optimism grew that Washington and Tehran might reach an agreement. Oil extended losses after Iranian state media reported that Iranian oil tankers have resumed shipping following the deal with Washington.
A state television reporter said: “Three Iranian oil tankers are currently sailing in the northern Indian Ocean, and two others carrying essential goods and livestock feed are en route and sailing towards southern ports.” The reporter added that “the operation to lift the naval blockade has been implemented,” suggesting the US naval blockade has been eased.
Earlier, European allies at the G7 summit did not appear to share Donald Trump’s optimism that the Strait of Hormuz would reopen by Friday.
