Oil drops ahead of Hormuz talks
Oil prices declined today as investors continue to await the results of negotiations between Washington and Tehran regarding the resumption of navigation through the Strait of Hormuz. By 10:05 Moscow time, the price of West Texas Intermediate crude futures fell by 0.46% to $75.42 per barrel, and Brent crude decreased by 0.06% to $79.31 per barrel. This decline follows a drop of over 12% since the beginning of the week, amid expectations of progress in efforts to end the war and reduce tensions. However, analysts warn that this retreat could be short-lived if diplomatic efforts fail and supplies are affected, especially since around 20% of global oil supplies pass through the strait. Before the war, oil prices had increased by 50% in March 2026.
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