Oil prices fell to a three-month low Tuesday on optimism over the expected reopening of the Strait of Hormuz after a peace deal between the United States and Iran.

Brent North Sea crude, the international benchmark, dropped 3.8 percent to $79.99 a barrel, dipping under $80 for the first time since early March.

The main US oil contract, West Texas Intermediate, slid 3.9 percent to $77.61 a barrel.

This photo taken on June 14, 2026 shows the White House in Washington, D.C., the United States. (Photo: Xinhua)