Oil prices hit 3-month lows as US-Iran deal to reopen Strait of Hormuz impacts market.

Oil prices dropped to their lowest levels in three months, just above $80 per barrel, following an interim agreement between the US and Iran to reopen the Strait of Hormuz. This deal eases geopolitical tensions that had previously threatened oil supply routes, leading to a decline in prices. As a result, shares of major oil companies like Exxon and Chevron also fell. The reopening of this critical shipping lane could stabilize oil markets but may keep prices subdued in the near term.