Global crude oil prices dropped sharply to their lowest level in three months following reports of a potential peace agreement between Iran and the United States. For the first time since the Iran war began, the benchmark Brent crude price fell below 80 dollars per barrel, reaching 79.96 dollars on Tuesday. Traders expect a lasting agreement to ease tensions between Washington and Tehran, which has driven a 15-dollar decline in Brent prices since last Thursday.

Iran’s state media reported that its oil tankers have resumed operations at sea after progress in talks with the United States. Three Iranian oil tankers were said to be sailing in the northern Indian Ocean, while two others carrying essential goods and livestock feed were heading to southern ports. The report also indicated that the naval blockade on Iran has begun to be lifted, suggesting a relaxation of US naval restrictions.

At the G7 summit, European leaders expressed less certainty than US President Donald Trump about the Strait of Hormuz reopening by Friday, reflecting differing levels of optimism among allies.