Crude oil prices declined further in the global market following reports of the normalisation of shipping traffic through the Strait of Hormuz.
US West Texas Intermediate crude oil dropped by $5.21, or 5.55%, settling at $88.68 per barrel, while Brent crude was priced at $94.29 per barrel after a decline of 5.31%. Additionally, UAE Murban crude fell by 5.39%, reaching $89.93 per barrel.
This drop in oil prices followed Iranian state media reports that indicated a draft framework was in place for reopening commercial traffic through the Strait of Hormuz within a few weeks.
