Oil dips amid Strait of Hormuz worries

Oil prices fell by more than a dollar per barrel as traders monitored the flow of crude through the Strait of Hormuz and reassessed concerns about energy supplies in the region, due to a possible advance in peace talks between the United States and Iran. Brent crude oil reached $76.92 per barrel, while West Texas Intermediate stood at $73.25, following a significant decline last week, caused by the U.S. decision to waiving Iran from sanctions for 60 days and the easing of tensions in Lebanon. This has led to a relatively stable market. Reports confirmed that approximately 19 million barrels of oil flow through the strait daily, despite navigation restrictions, continuing to support oil prices.

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