Oil prices tumble as Brent falls below $80 on hopes Hormuz flows will recover

Oil prices fell sharply on Tuesday, with Brent Crude dropping below $80 per barrel for the first time since early March, as expectations of a US-Iran agreement to reopen the Strait of Hormuz eased supply concerns.

International benchmark Brent Crude fell around 4% to $79.8 per barrel as of 1235GMT, while US benchmark West Texas Intermediate (WTI) also declined 4.3% to $77.3, as traders priced in the prospect of recovering crude flows from the Gulf region.

Prices are heading toward their longest losing streak of the year, pressured by expectations that an interim US-Iran agreement could help restore shipping through the Strait of Hormuz, one of the world’s most critical oil transit routes.

The anticipated deal is expected to be signed in Switzerland on Friday.