Brent crude slips to $79.36 a barrel as Trump warns Iran over Strait of Hormuz

Brent crude futures fell 5.26% on Tuesday to $79.36 a barrel, according to international market reports. The decline came as U.S. President Donald Trump set a deadline for Iran to reach an agreement allowing the resumption of shipping through the Strait of Hormuz, warning that the country would otherwise face heavy airstrikes. U.S. equity markets reacted in parallel with the oil move. The Dow Jones Industrial Average rose 1,000 points, while the S&P 500 reached a record high, boosted by the drop in crude prices during the same trading session. The simultaneous decline in oil prices and Trump's statement to Iran placed the U.S.-Iran tensions back at the center of global energy markets, where traders balance geopolitical risk in the Gulf against near-term supply expectations. Hormuz, the narrow chokepoint between Iran and the Arabian Peninsula, handles a significant share of seaborne oil shipments. No further details on the status of Trump's ultimatum or any Iranian response were immediately available.