Brent crude oil fell below $80 as the US and Iran neared an agreement on the Strait of Hormuz.

CoinFeed reported on June 16th that, according to Bloomberg, Brent crude oil prices fell by about 3.9% in London, dropping below the $80 per barrel mark, influenced by expectations that the United States and Iran would soon sign a provisional agreement in Switzerland to reopen the Strait of Hormuz. The text of the agreement has not yet been released by Washington and Tehran, but the market anticipates that the reopening of this key Middle Eastern shipping route will bring more supply, putting downward pressure on oil prices.