LONDON (Web Desk) – Oil prices continued to decline on Wednesday, extending losses from earlier in the week as signs of improving shipping activity through the Strait of Hormuz eased concerns over global crude supplies.
Brent crude futures dropped 78 cents, or 1%, to $76.30 per barrel, while US West Texas Intermediate (WTI) crude fell 78 cents, or 1.1%, to $72.43 per barrel. Both benchmarks had already closed around 1% lower on Tuesday, reaching their lowest levels since early March.
Market sentiment improved after reports indicated that more oil tankers were successfully navigating the Strait of Hormuz, a critical route for global energy shipments. Analysts said increased vessel movements, coupled with expectations of easing tensions between the United States and Iran, reduced fears of supply disruptions.
Investors are also closely monitoring ongoing diplomatic efforts and the pace at which regional oil exports return to normal levels.
