London, June 16, 2026 (AFP) - Oil drops below $80 on US-Iran deal

NAMPA / AFP

2026-06-16

Oil prices dropped below $80 a barrel Tuesday on optimism over the promised reopening of the Strait of Hormuz, easing inflation pressures on global economies. The drop accelerated to more than five percent after a report by the Wall Street Journal that Washington could ease sanctions on Iranian crude as part of the deal to end the war in the Middle East, allowing Tehran to immediately sell crude and refined oil products. International benchmark......

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