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

Oil prices have dropped below $80 for the first time since tensions escalated due to the Iran conflict, signaling a significant shift in global energy markets. Despite this price dip, maritime traffic through the Strait of Hormuz remains minimal, reflecting ongoing geopolitical concerns and disruptions in the oil supply chain. This decline in prices has major implications for economies dependent on oil exports and highlights the fragile nature of global energy security amid persistent geopolitical uncertainties.