Global crude oil prices have declined by nearly 8 per cent over the past week, settling around $72 a barrel in early market sessions on Thursday. The fall comes amid a return of positive investor sentiment following the de-escalation between Iran and the United States and the resumption of trade through the Strait of Hormuz.
According to the latest market data, Brent crude oil prices have fallen at least 8.5 per cent over the last five trading sessions.
Energy prices have dropped 24 per cent in the past month and almost one-third over the last three months. Prices have dropped to their lowest level since February 28, when the US and Israel began military action against Iran.
Investors are now focusing on the 60-day timeline given to the United States and Iran to reach a final peace agreement, as negotiations continue between the two countries.
As per fresh reports, traffic in the critical waterway has increased manifold over the past few days, with more vessels and commercial ships entering and exiting the Strait of Hormuz.
At 8:30 am (IST), Brent crude oil futures were trading 1.48 per cent lower at $72.79 per barrel on Thursday, compared to $73.41 per barrel at the previous close. US West Texas Intermediate (WTI) crude futures were trading 1.69 per cent lower at $69.15 per barrel at 8:30 am (IST).
Despite the price drop, investors remain cautious as they closely track developments in West Asia, since energy rates remain highly sensitive to ongoing events in the region.
Follow us
