Oil futures declined on Wednesday as global benchmark prices continued to react to developments in negotiations between the United States and Iran aimed at ending the conflict and reopening the Strait of Hormuz.
Brent crude futures dropped $1.42, or 1.43%, to $98.16 per barrel as of 02:53 GMT, while US West Texas Intermediate (WTI) crude fell $1.66, or 1.77%, to $92.23 per barrel, News.Az reports, citing Al Jazeera.
Oil prices had surged on Tuesday after the US military launched strikes on southern Iran, weakening optimism that had emerged over the weekend that Washington and Tehran were nearing an agreement.
Despite ongoing uncertainty surrounding a possible deal, Reuters reported that several LNG tankers had recently passed through the Strait of Hormuz, raising expectations that the key shipping route could reopen soon and help increase global oil supply.
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