Oil prices fall sharply

Oil prices experienced a sharp decline during today's trading sessions, with Brent crude losing more than 2% to reach its lowest level at $89.97 per barrel, surpassing the $90 mark. Meanwhile, U.S. West Texas Intermediate (WTI) continued its decline, dropping to $82.85. This decrease occurred despite ongoing concerns over potential disruptions to shipping in the Strait of Hormuz, especially after a tanker was hit by an unidentified projectile off the Omani coast and Iran issued threats of actions against offending tankers. Investors reacted to the reduced impact of the new U.S. sanctions on Iran, which are viewed as less threatening to the region's oil supplies.

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