Oil prices fell as hopes increased that the Strait of Hormuz would reopen and oil shipments would resume. NEW YORK: Oil prices dropped below US$80 a barrel Tuesday (Jun 16) on optimism over the promised reopening of the Strait of Hormuz , easing inflation pressures on global economies. The slide accelerated to more than five per cent after The Wall Street Journal reported that Washington could ease sanctions on Iranian crude as part of the deal to end the Middle East war, allowing Tehran to

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