Oil prices fell to a three-month low Tuesday on optimism over the expected reopening of the Strait of Hormuz after a peace deal between the United States and Iran.

Brent North Sea crude, the international benchmark, dropped 3.8 per cent to $79.99 a barrel, dipping under $80 for the first time since early March.

The main US oil contract, West Texas Intermediate, slid 3.9 per cent to $77.61 a barrel.

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AFP

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