London (HRNW)- Crude oil prices continued to decline in global markets following ongoing peace talks between the United States and Iran, while investors remain focused on the restoration of oil shipments through the strategically important Strait of Hormuz.
According to international news agency reports, the price of Brent crude oil fell by 1.4 percent, bringing it down to $76.81 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude oil declined by 1.2 percent, settling at $72.99 per barrel.
Market analysts say that optimism surrounding diplomatic engagement between Washington and Tehran has eased concerns about potential disruptions to global oil supplies. As a result, pressure on crude oil prices has increased in international markets.
Experts further noted that tanker traffic through the Strait of Hormuz is gradually returning to normal following recent developments in US-Iran negotiations. The improvement in shipping activity has helped reduce fears of supply shortages and contributed to the downward trend in oil prices.
Investors are closely monitoring the progress of diplomatic talks, as any further developments could significantly influence global energy markets and future oil price movements.
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