Oil prices sank further on Wednesday, with the international benchmark Brent trading below $80 per barrel for the first time since early March, as optimism continued to drive prices lower following a framework peace deal between the US and Iran that is expected to reopen the Strait of Hormuz by the end of the week.
The possibility of renewed traffic through the strait has helped ease fears of prolonged disruptions to energy supplies from the Gulf, a key source of global oil and liquefied natural gas exports.
