Oil prices drop amid Strait of Hormuz supply concerns
Oil prices declined today, Tuesday, following a sharp drop in the previous session, as investors monitor developments in talks between the United States and Iran regarding the resumption of oil flows through the Strait of Hormuz. Brent crude fell by 20 cents to $77.70 per barrel, while West Texas Intermediate decreased to $73.74, amid expectations of diminished fighting and reduced fears of the Strait's closure. Additionally, data showed U.S. oil inventories dropping to their lowest level since 1983, following the U.S. decision to grant Iran a 60-day exemption from sanctions.
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