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Commodities

Oil Prices Plummet as Hormuz Reopening Hopes Grow

Guavy AI Editorial Team
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Oil
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Oil prices continued their downward trend on Thursday as hopes grew that the Strait of Hormuz might reopen, easing supply disruptions caused by the Middle East conflict.

The US West Texas Intermediate (WTI) crude dropped 56 cents, or 0.7%, to $81.67 a barrel, marking its fifth straight session of losses.

Brent crude futures fell 60 cents, or 0.7%, to $87.24 a barrel by 0004 GMT, extending losses for a fourth consecutive session.

A senior Iranian source said on Wednesday that Iran and Oman are working to finalise an agreement concerning the management of the Strait of Hormuz, a crucial global energy route.

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