Brent crude has fallen below $79 per barrel, trading between $78.4 and $78.5, after reaching $83.85 on August 3. This decline extends a multi-session downturn driven by easing concerns over potential supply disruptions in the Strait of Hormuz. Improved U.S.-Iran diplomatic relations have helped stabilize geopolitical tensions in the Middle East. Market pricing now reflects decreased demand and potential oversupply concerns.
Source: Read the original article
