Oil prices declined in yesterday's trading as fears of supply disruptions receded, following progress in US-Iranian talks and confirmation that the Strait of Hormuz remains open, reducing the geopolitical risk premium in the market.
Brent crude fell by approximately 2.16% to $78.83 per barrel, while West Texas Intermediate retreated to $75.87. Market data pointed to improved shipping traffic through the Strait of Hormuz, with loaded oil tankers passing through, alongside indications of a resumption of Iranian exports and an expansion in supply.