Oil Prices Fall Amid Hopes of Lasting US-Iran Truce

Crude oil prices declined on Wednesday as investors and traders assessed the possibility of a lasting US-Iran truce.

The Iran conflict, which had been escalating since February 28, seemed to be taking a turn for the better with the signing of an interim agreement this week.

Under the agreement, the US will lift its blockade on Iran's ports, and Tehran will allow oil tankers and other maritime traffic through the Strait of Hormuz, which it had effectively blocked since February 28.

The global crude oil benchmark Brent crude fell by 0.72% to $78.39 per barrel, while US West Texas Intermediate (WTI) crude slipped nearly 1% to $75.35.