Beirut: Brent crude prices fell below $80 a barrel on Tuesday for the first time since early March after US President Donald Trump announced the full reopening of the Strait of Hormuz starting Friday.
According to National News Agency - Lebanon, the price of a barrel of North Sea oil (Brent) for August delivery dropped by 3.72 percent to $80.08 at around 12:25 GMT. This decline follows the announcement of an agreement between Tehran and Washington to end the war in the Middle East and resume navigation through the strategic sea lane.
The reopening of the Strait of Hormuz, a vital channel for global oil shipments, is expected to ease tensions in the region and stabilize oil supply routes. The agreement marks a significant diplomatic development between the US and Iran, potentially impacting global oil markets and geopolitical dynamics in the Middle East.