Oil Prices Tumble on Hormuz Reopening Hopes

Brent crude oil prices tumbled below $80 a barrel for the first time since early March as traders anticipated a restoration of supply following the U.S.-Iran agreement to reopen the Strait of Hormuz.

The cost of benchmark Brent crude dropped as low as $79.61, nearing levels seen before the war began.

However, shipping companies remain hesitant to resume normal operations due to uncleared mines in the waterway and Iran's announced plan to impose new maritime service fees.

Analysts also warn that the deal is crisis management rather than a full resolution, meaning oil's decline could be temporary.