On Thursday at 3:11 PM (Bangkok time), Brent crude futures dropped by $1.98 or 1.96% to $99.29 per barrel, while the U.S. West Texas Intermediate crude oil futures slumped by $1.99 or 2.09% to $93.09 per barrel.
This decline in crude oil prices came after reports surrounding the United States and Iran, with both nations reaching an arrangement to ease the American naval blockade in the Strait of Hormuz, paving the way for a phased reopening of the vital shipping lane since the initial closure at the end of February, according to Al Arabiya, a Saudi-owned news channel.
As per the report, there is an understanding of both the gradual resumption of maritime passage and the relaxation of restrictions. In the immediate term, vessels that had been held within the strait are expected to be released soon.
