Oil Prices Decline Amid Disruption in Strait of Hormuz

Global oil prices have seen a decline following US President Donald Trump's comments about high volumes of oil passing through the Strait of Hormuz. Brent crude on the London Stock Exchange dropped 1.16% to $96.89 per barrel, while Light crude on the New York Stock Exchange fell 1.42% to $89.14 per barrel.

Despite this drop, analysts note that the volume of oil passing through the Strait is not sufficient to have a significant impact on global prices. The continued disruption in the region has created challenges for global oil supplies, and other factors are also affecting the market.

JPMorgan has revised its forecast, predicting that oil prices could return to $100 per barrel rather than dropping to $90. The bank's analysts believe that oil prices will remain elevated if the US and Iran fail to reach an agreement.