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Breaking Posted 1 hour ago

Oil Breaks Below $80 as Hormuz Tanker Traffic Remains Minimal

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Crude oil has fallen below $80 per barrel for the first time since the Iran war began, with shipping data confirming only a fraction of normal tanker volumes transiting the Strait of Hormuz. The price drop signals demand rerouting and supply chain stress despite ongoing geopolitical risk. USD/CAD and USD/NOK are the primary pairs to watch, as both CAD and NOK are heavily oil-correlated currencies. A sustained drop below $80 could weaken the Canadian dollar and Norwegian krone, while safe-haven flows may support USD and JPY amid ongoing Middle East conflict.
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