Global oil prices break below $80 for the first time since the Iran war began. Ships still aren't passing through Hormuz.

By Isabel Wang and Myra P. Saefong

The oil market still has to price in the difference between 'oil can flow again' and 'oil is flowing normally, safely and cheaply again,' says one analyst

The number of oil tankers and gas carriers transiting the Strait of Hormuz remains limited, with just five vessels moving through on Monday, according to data from Kpler.

Global oil prices were extending their declines on Tuesday, dropping below $80 a barrel for the first time since the start of the Iran war, as a peace deal to reopen the Strait of Hormuz pushed energy prices lower despite data showing only a fraction of normal tanker volumes moving through the key waterway.

The U.S. and Iran on Sunday reached an initial agreement aimed at extending the cease-fire and ending the months-long war in the Middle East. "The deal's all signed," President Donald Trump said on Monday.