Oil crashes below $81 on reported U.S.-Iran ceasefire

BREAKING: Oil has fallen more than 5% to below $81 as reports emerge that the U.S. and Iran have reached a ceasefire.
Iran and Oman are now reportedly targeting a permanent Strait of Hormuz shipping route within 60 days.
A credible reopening framework would significantly reduce the geopolitical premium that has been supporting crude prices.
The situation remains fluid, however, with the U.S. saying there are no ongoing negotiations with Iran.
For $WTI and $BRENT, the key issue is whether lower military risk translates into a durable normalization of shipping through Hormuz.