The Global crude oil prices have recorded a significant decline in early trading. According to international media reports, Brent crude has fallen by 9% to around $91 per barrel following the reopening of the Strait of Hormuz, a key oil shipping route.
Market analysts viewed that the development has eased supply concerns, putting downward pressure on prices across global energy markets. It should be noted that yesterday there was news suggesting that petrol and diesel prices are likely to decrease due to the drop in global oil prices.
Brent crude oil in the global market fell by $0.44, reaching $94.49 per barrel. Crude oil prices are declining due to negotiations between Iran and the United States. Similarly, American West Texas Intermediate crude fell to $90.59 per barrel, unlike British Brent crude oil.
It is worth mentioning here that Iranian Foreign Minister, Abbas Aragchi, wrote on X, “In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran.”
The Iranian Foreign Minister, Abbas Aragchi, also confirmed that all the ships can pass through the Strait of Hormuz after Iran’s announcement. Abbas Aragchi added that this decision was made after the ceasefire in Lebanon, and under it, commercial activities will be able to continue without any interruption.
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