Oil Prices Fall for Third Straight Day as Hormuz Shipping Recovers

PUKMEDIA

Oil prices.

Oil prices continued to fall on Wednesday, extending losses for a third consecutive session, as growing signs of a gradual return to normal shipping activity through the Strait of Hormuz and easing tensions in U.S.–Iran relations reduced fears of a prolonged disruption to Middle Eastern energy supplies.

Brent crude for August delivery slipped 0.80% to $76.46 per barrel, while West Texas Intermediate (WTI) also declined by 0.80% to $72.65 per barrel.

Both benchmarks had already settled at their lowest levels in nearly four months in the previous trading session.

Sentiment in the market has been influenced by evidence that maritime traffic is slowly recovering in the Strait of Hormuz, following months of disruption in one of the world’s most critical energy routes.

Reports suggest that several supertankers previously held up in the region have now departed the Gulf carrying crude oil, while a rising number of Qatar-linked liquefied natural gas (LNG) carriers have resumed transits through the waterway.


PUKMEDIA