Crude Oil Prices Extend Decline for Fourth Session

Crude oil prices have continued to decline for a fourth consecutive session on August 27. The prices dropped below $82 per barrel, easing concerns over potential supply disruptions in the Middle East.

The Iran-Oman agreement has helped to reduce tensions in the region, with Tehran and Oman reaching an understanding on each country's share of the Strait of Hormuz's waters and related revenues. However, Iranian officials have cautioned that reopening the strategically vital waterway would require more than just an agreement with Oman.

US President Donald Trump stated that 10 million barrels of oil had passed through the Strait of Hormuz on Tuesday, while reiterating that mines in the waterway had been cleared. The new US sanctions on Iran have also applied less pressure on markets, as the White House has refrained from imposing tougher measures on Iran's trading partners.

Meanwhile, reports about Russian President Vladimir Putin planning an escalation in Ukraine continued to keep risks to global energy supplies in focus.

The prices of Brent crude and WTI (West Texas Intermediate) oil have been affected by these developments. As of August 27, the price of Brent crude stood at $87.477 per barrel, down 0.41%, while WTI was trading at $81.873 per barrel, down 0.43%.