Keyword → Iran deal

Oil Prices Drop 4.8% to $80.75 as Iran Deal Reopens Strait of Hormuz — Energy Sector ETF Falls 3.6%

U.S. crude oil fell 4.8% to $80.75 a barrel and Brent crude dropped 4.7% to $83.17 after the United States and Iran reached a preliminary agreement to end their conflict and reopen the Strait of Hormuz, a route handling roughly 20% of global oil supply. The Energy Select Sector SPDR fund slid 3.6% even as the broader market rallied, with analysts cautioning that full shipping traffic normalization could take months.