Oil Prices Head for Biggest Quarterly Drop Since Pandemic

As traffic through the Strait of Hormuz tentatively reopens following the U.S.-Iran deal to make a deal, oil prices on Tuesday were on track to post a 20% monthly decline and a 30% quarterly plunge in the biggest slump in a quarter since the pandemic-driven crash in prices. In the first quarter of 2020, Brent Crude prices plummeted by 65.5% as the world entered into lockdowns and road transport and industrial fuel demand crashed. The next steepest decline since then was registered in the quarter