Summary Global oil prices have dropped, with U.S. crude falling to $72.54 and Brent crude to $76.50 per barrel, after shipping traffic successfully resumed through the Strait of Hormuz, easing global supply
ISLAMABAD (Web Desk) – Global crude oil prices recorded a noticeable decline following the resumption of maritime traffic and shipping operations through the vital Strait of Hormuz chokepoint.
According to market details, the price of U.S. West Texas Intermediate (WTI) crude dropped by $1.32, settling at $72.54 per barrel. Similarly, the international benchmark, Brent crude, saw a price reduction of $1.40, bringing its trading price down to $76.50 per barrel.
Market experts noted that the easing of regional tensions and the restoration of a steady oil supply chain have significantly relieved pressure on global energy markets, leading to this downward price correction.
