Brent oil price drops under $80 on US-Iran deal

Brent crude dropped 4.0 percent to $79.87 a barrel, falling below $80 for the first time since early March, while WTI slid 4.5 percent to $77.16. The decline was triggered by US President Trump's announcement that the Strait of Hormuz would 'completely open' once a US-Iran peace agreement is signed in Switzerland, potentially ending Iran's disruption of vital oil tanker traffic. Traders are pricing in the reopening of the strait, which had choked off oil flows following retaliatory actions after US-Israeli strikes in February.