Oil falls below $80 on Hormuz reopening deal (opens in new tab)

Brent crude fell below $80 a barrel for the first time since early March after traders priced in an interim US-Iran agreement expected to reopen the Strait of Hormuz and restore Gulf energy flows. Brent settled Tuesday at $78.96 a barrel, down 5.1%, and US West Texas Intermediate settled at $76.05, down 5.8%; both benchmarks extended a two-day sell-off to roughly three-month lows. The agreement is due to be signed Friday in Switzerland and would extend a ceasefire by 60 days, reopen the strai...