The price of oil has been on an upward trajectory since the Iran war began at the end of February, but prices per barrel fell below $80 this week, matching prices in March, CNBC reported.
On Tuesday morning, Brent crude futures were hovering at around $80. The U.S. West Texas futures were around $77.
The drop is likely due to the U.S. announcing it will soon have a peace deal with Iran.
The U.S. said it is in the process of reaching an end to the war about three days ago, but details have been scarce.
