Global Oil Prices Decline Amid Signs of Easing Middle East Supply Tensions

Global oil prices have declined, influenced by positive indicators regarding the facilitation of crude flow through the Strait of Hormuz. Brent crude and West Texas Intermediate (WTI) fell by approximately 0.5%, settling at $75.93 and $72.85 per barrel, respectively. This decline continues a recent losing streak, with prices touching their lowest levels in four months. The markets were impacted by several political factors, notably Washington granting Tehran a temporary 60-day sanctions waiver allowing it to export oil, alongside a de-escalation of regional tensions. Investors are closely monitoring the sustainability of these agreements and their potential impact on resuming exports from the region.