According to reports, US crude oil fell by around 9 percent, trading near 81 dollars per barrel.
Global crude oil prices witnessed a significant decline following Iran’s announcement to reopen the Strait of Hormuz, easing concerns over supply disruptions.
According to reports, US crude oil fell by around 9 percent, trading near 81 dollars per barrel, after briefly touching levels as high as 85.98 dollars per barrel.
Similarly, Brent crude dropped by more than 8 percent, declining to approximately 91.06 dollars per barrel. West Texas Intermediate (WTI) crude also recorded nearly a 9 percent fall during trading.
Market analysts say the reopening of the Strait of Hormuz signals improved global oil supply conditions, which has placed immediate downward pressure on prices.
Heating oil and gasoline prices also registered noticeable declines, while Murban crude slipped by around 1.5 percent.
On the other hand, natural gas prices showed a slight increase, reflecting mixed trends in the broader energy market.
Experts believe that if stability in the region continues, further declines in oil prices may be possible, although the outlook remains dependent on security conditions and the durability of the ceasefire.
Earlier, Iran has announced the reopening of the Strait of Hormuz for commercial vessels in the context of a ceasefire in Lebanon, allowing maritime trade to resume through one of the world’s most critical shipping routes.
Iranian Foreign Minister Abbas Araghchi stated in a post on social media platform X that the strait has been reopened for all commercial shipping and will remain fully operational during the remaining period of the ceasefire.
