Global crude oil prices declined further during Asian trading as expectations of a possible de-escalation or end to the ongoing war involving Iran eased concerns about potential disruptions to energy supplies.
According to international media reports, both Brent crude and US crude oil prices moved lower, reaching their lowest levels in around two months as investors continued to monitor developments surrounding the conflict.
Brent crude futures fell by 0.9 per cent to $93.74 per barrel, while US West Texas Intermediate (WTI) crude dropped by approximately 1.5 per cent to $86.83 per barrel.
Market sentiment has been influenced by hopes that the conflict could lose intensity or eventually come to an end, potentially reducing the risk of further disruptions to global oil supplies.
However, uncertainty surrounding the future of the war continues to keep energy markets on alert. Traders and investors are closely watching diplomatic and military developments to assess their possible impact on oil production, transportation and international supply routes.
Further movements in crude oil prices are likely to depend on how the situation develops and whether hopes for de-escalation translate into concrete progress.
