Oil prices fall to two-week low
Global oil prices experienced a significant decline of more than two dollars per barrel, reaching their lowest level in two weeks, amid growing hopes of reaching a temporary agreement that would allow for the safe passage of oil through the Strait of Hormuz. This comes amid reports of progress in negotiations between Iran and Oman aimed at regulating maritime transit through this vital energy corridor, which previously accounted for about 20% of oil shipments before the ongoing conflict. Despite talk of de-escalation, shipping activity remains low, with only five vessels passing through in 24 hours compared to the usual average of 15 vessels. The crisis continues to impact the security and resilience of global oil supplies.
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