Oil drops below $80 on US-Iran deal

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 slide accelerated to more than five percent after The Wall Street Journal reported that Washington could ease sanctions on Iranian crude as part of the deal to end the Middle East war, allowing Tehran to immediately sell crude and refined oil products.
International benchmark Brent North Sea crude ended at $78.96 a barrel, down 5.1 percent.
The main US oil contract, West Texas Intermediate, dropped 5.8 percent to $76.05 a barrel.
Oil industry experts and shipping companies have cautioned that the restoration of normal op...