Oil prices fell by about 4% today, Tuesday, to record their lowest levels in three months, at a time when markets are evaluating the possibilities of resuming supplies through the Strait of Hormuz, a decline in actual demand, and the absence of details regarding an initial agreement to end the Iran war.
By 12:53 GMT, Brent crude futures fell $3.20, or 3.85%, to $79.97 per barrel. Prices had previously touched the level of $79.61, the lowest since March 3, which is the first time that prices have fallen below $80 since that day.
US West Texas Intermediate crude fell $3.52, or 4.36%, to $77.23 per barrel. It fell during the day to $76.88, the lowest level since March 10.
