Brent crude oil has slipped below $80 a barrel for the first time since the early days of the Iran conflict, as traders grow increasingly confident about a US-Iran peace deal.
Price Drop Details
The benchmark oil price dipped as low as $79.96 a barrel, its lowest level since Tuesday, March 3, which was during the first week after the US-Israel attacks on Iran began. This marks a decline of $15 a barrel since last Thursday, before optimism started building that Washington and Tehran might reach an agreement.
Iranian Tankers Resuming Operations
Oil extended its losses after Iranian state media reported that Iranian oil tankers have resumed shipping following the deal with Washington. A state television reporter stated: “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 that the US naval blockade has been eased.
However, European allies at the G7 summit do not appear to share Donald Trump’s optimism that the Strait of Hormuz will reopen by Friday. The situation remains fluid as diplomatic efforts continue.
