Hormuz Deal Sends Brent Crude Below $80 Amid Crypto Optimism

Brent crude oil prices fell below $80 a barrel for the first time in over three months after the United States and Iran reached a memorandum of understanding to reopen the Strait of Hormuz.

The waterway handles around 20% of the world's oil supply, making its reopening a significant geopolitical shift in global energy markets.

Goldman Sachs quickly adjusted its Q4 2026 Brent forecast from $90 per barrel down to $80, indicating that institutional investors view this deal as durable and not just a temporary agreement.