Oil Prices Slide as Middle East Tensions Ease

Oil prices slid below $81.50 as tensions in the Middle East appeared to ease following an agreement between Iran and Oman over the Strait of Hormuz's waters and related revenues. However, Tehran cautioned that reopening the crucial waterway would require more than just this agreement.

The US President, Donald Trump, claimed that 10 million barrels of oil had passed through the Hormuz on Tuesday, while reiterating his claims that mines in the waterway had been cleared.

Fresh US economic sanctions on Iran proved less aggressive than markets had feared, with the White House so far sparing Iran's trading partners from tougher measures.