Oil Falls Below $80 as World Awaits Crude Flows from Strait of Hormuz
• Further pump price slump expected amid 3-month low
Emmanuel Addeh in Abuja
Crude oil prices fell below $80 a barrel yesterday for the first time since March, in a sign of traders’ growing confidence that the deal struck between the US and Iran will restore the flow of crude through the Strait of Hormuz.
Brent crude, the international benchmark, slumped 5.5 per cent to $78.58 a barrel, its lowest level since March 3, while West Texas Intermediate (WTI), the US benchmark, dropped 6.3 per cent to $75.66 a barrel.
