Oil prices dip below $80 per barrel as U.S. stocks fluctuate near record highs amid ongoing economic concerns and negotiations.

Oil prices traded over 5% lower on Monday morning after US President Donald Trump announced the completion of the deal with Iran and the reopening of the Strait of Hormuz.

The price of U.S. crude oil fell to its lowest point since early March, but it’s still up 40% since the start of the year.