Oil drops as Strait of Hormuz supplies resume

Oil prices declined today after oil tankers began crossing the Strait of Hormuz, following the signing of the temporary agreement between the United States and Iran. This has led to expectations of increased supplies returning to the market. The price of Brent crude fell by 0.68% to $78.31 per barrel, while West Texas Intermediate dropped to $76.14, marking their lowest levels since early March. This comes after several tankers, including three under the Saudi flag, transited with around six million barrels of oil following the agreement signed between the two countries.

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