- Brent crude futures dropped below $80 a barrel on Tuesday
- Prices fell nearly 4% to $79.61 amid easing geopolitical tensions
- The US-Iran interim peace deal eased fears of energy supply disruptions
Brent crude futures fell below the $80-a-barrel mark on Tuesday, extending their decline after an interim US-Iran peace agreement eased concerns over potential disruptions to global energy supplies.
Brent crude was down nearly 4% at $79.61 a barrel, as traders continued to unwind geopolitical risk premiums that had built up during the recent conflict involving the US, Israel and Iran.
The decline comes after the reopening of the Strait of Hormuz following a preliminary agreement between Washington and Tehran. The development follows US President Donald Trump's announcement of an interim deal aimed at ending the US-Israeli war on Iran.
(This is a developing story)
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