Global Oil Prices Decline Amid Signs of Resumed Crude Flow Through Strait of Hormuz

Oil prices witnessed a noticeable decline, continuing their downward trend amid reports indicating the facilitation of crude oil flow through the Strait of Hormuz. Both Brent crude and West Texas Intermediate (WTI) dropped by approximately 0.5%, settling at 75.93 and 72.85 dollars per barrel, respectively. This decline is driven by geopolitical variables, notably the de-escalation in the Middle East and the reduction of hostilities in Lebanon, in addition to granting Tehran a temporary 60-day sanctions waiver allowing it to export oil. Investors are closely monitoring adherence to recent agreements and the potential continuity of oil exports, as prices approach their lowest levels recorded in nearly four months.