Oil prices fell by nearly $1 in global commodity markets, APA-Economics reports.
On the New York Mercantile Exchange (NYMEX), the price of July futures for U.S. WTI crude oil decreased by 0.94%, or $0.84, to $88.06 per barrel.
On London’s Intercontinental Exchange (ICE), the price of July futures for Brent crude oil fell by 0.76%, or $0.71, to $93.00 per barrel.
According to analysts, the decline in oil prices was driven by expectations of easing tensions between the United States and Iran, as well as the normalization of oil supplies through the Strait of Hormuz. These factors strengthened expectations that supply-related risks in the market would decrease.
