Oil slips as supply worries ease

Oil prices have declined, with Brent crude dropping to $73.38 per barrel and West Texas Intermediate to $70.14, reaching their lowest levels since before the outbreak of the war with Iran. This decline is attributed to improved navigation through the Strait of Hormuz and a reduction in fears of supply disruptions. Data confirmed the resumption of ship crossings through the strait after weeks of disturbances, alongside increased expectations of improved Iranian oil exports following the temporary easing of sanctions, despite warnings that renewed tensions could push oil prices higher again.

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