U.S. crude drops below $80 for the first time since March as Iran deal is set to open Hormuz Strait

The Ateela 2 Oil Tanker boat navigates the sea on April 28, 2026 on Qeshm Island, Iran in the Strait of Hormuz. Asghar Besharati | Getty Images Oil prices tumbled after President Donald Trump said the U.S. has completed a deal with Iran to reopen the Strait of Hormuz. U.S. crude oil futures for July delivery dropped below $80 per barrel for the first time since March in early trading in Europe. Prices were down 5.76% at $79.99 per barrel by 3:27 a.m. ET. …