Global commodity markets have experienced a decline in oil prices, with values dropping by nearly one dollar per barrel.
Operativ Məlumat Mərkəzi-OMM reports that on the New York Mercantile Exchange (NYMEX), the price of July futures for US WTI crude oil fell by 0.94%, or 0.84 USD, settling at 88.06 USD per barrel.
Meanwhile, on London's Intercontinental Exchange (ICE), the price of July futures for Brent crude oil decreased by 0.76%, or 0.71 USD, reaching 93.00 USD per barrel.
Analysts attribute the downward pressure on oil prices to easing tensions between the United States and Iran, as well as growing expectations regarding the normalization of oil supplies through the Strait of Hormuz. These factors have strengthened market sentiment regarding a reduction in supply-side risks.
Oil prices are highly sensitive to geopolitical developments and supply chain stability. The Strait of Hormuz, in particular, remains a critical chokepoint for global energy transit, and any perceived reduction in regional tensions often leads to immediate adjustments in global crude benchmarks.
