Oil Falls Below $80 as U.S. and Iran Reopen Key Shipping Route

Crude oil dropped below $80 a barrel on June 16 after the U.S. and Iran agreed to reopen the Strait of Hormuz without charging tolls. One-fifth of the world's seaborne oil passes through it. Markets had built in extra cost to protect against disruption; removing that threat deflated prices. The deal solves one problem but doesn't address broader oil supply and demand.