Global Oil Prices Decline Amid Political Breakthroughs in the Middle East

Global oil prices recorded a notable decline, influenced by positive indicators regarding the facilitation of crude oil flows through the Strait of Hormuz. Both Brent and West Texas Intermediate (WTI) crude fell by approximately 0.5%, reaching $75.93 and $72.85 per barrel, respectively. This drop extends previous losses that pushed prices toward their lowest levels in four months, driven by political variables, most notably Washington granting Tehran a temporary 60-day sanctions waiver allowing it to export oil, alongside signs of de-escalation and reduced military operations in the region.