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Evening Standard

Holly Williams

Oil prices dip close to levels seen before Iran war on hopes over shipping route

Oil Iran Chris Beauchamp Donald Trump Kathleen Brooks United States

Oil prices fell back sharply to below 100 US dollars a barrel on fresh hopes of an end to the Iran war and unblocking of the crucial Strait of Hormuz (Alamy/PA) -

Oil prices slid below 80 US dollars a barrel at one stage on Tuesday as US president Donald Trump said the Strait of Hormuz shipping route could be reopened as soon as Friday under his peace deal with Iran.

The cost of benchmark Brent crude dropped as low as 79.61 dollars a barrel, down more than 4% and easing back close to levels seen before the US-Israel war on Iran.

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