Business

Oil Prices Drop Below $80

Updated 2026-06-16 16:55 UTC 1 source Negative

Global oil prices have dropped below $80 for the first time since the Iran war began, despite low tanker volumes passing through the Strait of Hormuz.

Coverage timeline — 2 articles

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Global oil prices break below $80 for the first time since the Iran war began. Ships still aren’t passing through Hormuz.

Shipping data show that only a fraction of normal tanker volumes are moving through the Strait of Hormuz.

2026-06-16 16:50 UTC