Crude oil prices drop further to 3-month low
US President Donald Trump, on Sunday night, announced a peace deal with Iran and said his country would end the ‘blockade’ of the Strait of Hormuz after the agreement is signed on June 19.
Oil prices sank nearly 5% on Monday after the announcement by Trump.
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Today at 1250 GMT, Brent crude futures were down $3.20, or 3.85%, at $79.97 a barrel.
Before that, the price touched $79.61 per barrel, the lowest since March 3, and the first time they have fallen below $80 since that day.
However, the prices still remain above the levels that existed before the war began on Febraury 28 when the US and Israel launched joint air strikes on Iran.
Before the war started, Brent and WTI futures were trading around $65-70 per barrel. (BVI)
