UNIPA News(Washington D.C) 25 June-Global oil prices fell sharply in early trading on Thursday, reaching their lowest levels since the outbreak of the Iran-related conflict, as concerns over disruptions to global energy supplies eased.
Brent crude futures dropped 1.65 percent to $72.52 per barrel by 03:37 GMT, while U.S. West Texas Intermediate (WTI) crude declined 1.45 percent to $69.32 per barrel.
The decline followed indications from the United States that oil shipments through the Strait of Hormuz had largely returned to levels seen before the conflict. The waterway, a critical global energy transit route, had been closely monitored by markets amid fears that regional tensions could disrupt supplies.
The easing of supply concerns reduced risk premiums that had previously pushed oil prices higher during the conflict. Market participants viewed the continued flow of crude through the Strait of Hormuz as a sign of improving stability in global energy transportation.
Analysts said the restoration of shipping activity through the strategic passage helped calm fears of a prolonged supply shock, contributing to downward pressure on benchmark crude prices.
