London (HRNW)- Global crude oil prices continued to decline following the proposed peace agreement between the United States and Iran, although uncertainty surrounding the full restoration of shipping through the Strait of Hormuz limited further sharp losses.
According to international media reports, Brent crude oil fell by 16 cents, or 0.2 percent, to $78.80 per barrel, while US West Texas Intermediate (WTI) crude declined by 25 cents, or 0.3 percent, to $75.80 per barrel.
Reports indicate that both benchmark crude oils had already fallen by approximately 5 percent during the previous trading session, bringing prices to their lowest levels in nearly three months.
Market analysts say investors view the potential US-Iran agreement as a positive sign for regional stability and a possible step toward restoring normal oil shipments through the Strait of Hormuz, a critical route for global energy supplies.
According to market analyst Priyanka Sachdeva, the geopolitical and conflict-related premium previously built into oil prices is gradually diminishing as investors anticipate an improvement in the regional security environment.
However, energy experts caution that a complete return to normal shipping operations in the Strait of Hormuz may take time. Several shipping companies are reportedly waiting for greater clarity regarding security conditions before fully resuming regular maritime operations.
The Strait of Hormuz remains one of the world’s most strategically important waterways, carrying a significant portion of global oil exports. As a result, any political or security developments in the region continue to have a direct impact on international energy markets and oil prices.
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