Oil extends losses as Hormuz traffic recovers following Iran peace talks

AI Summary

Oil prices continued to fall as the Strait of Hormuz traffic showed signs of recovery following improved relations between the US and Iran. The easing concerns of major Middle East energy supply disruptions led to a price decrease to $75.52 per barrel.

Oil prices extended losses on Wednesday, retreating for a third straight session as signs of a gradual reopening of the Strait of Hormuz and improving U.S.-Iran relations eased fears of a prolonged disruption to Middle East energy supplies. As of 05:39 ET (09:39 GMT), expiring in August fell 2% to $75.52 per barrel, while West ...