Oil prices fell below $80 a barrel on Tuesday for the first time since early March amid growing confidence that the deal struck between the US and Iran will restore the flow of crude through the Strait of Hormuz.
Brent crude, the international benchmark, settled 5.1 per cent lower at $78.96 a barrel, its lowest level since March 2. West Texas Intermediate, the US benchmark, fell 5.8 per cent to $76.05 a barrel.
Oil prices have tumbled this week after Washington and Tehran agreed late on Sunday to extend their ceasefire and reopen the strait, which in effect has been shut since late February, after several weeks of fraught negotiations brokered by Qatar and Pakistan.
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