Oil Falls $4.50 to $80.38 on Iran War Relief

WTI crude dropped $4.50 to $80.38 as markets breathed relief over reduced Iran war tensions and Strait of Hormuz reopening expectations. The decline could ease inflationary pressures currently squeezing consumers at 4% headline inflation. The sharp oil drop strengthens commodity currencies like CAD and NOK while potentially weakening safe-haven USD and JPY. Lower oil prices reduce inflationary pressures, affecting central bank policy expectations and currency valuations.