Pakistan, Aug. 4 -- Global crude oil prices declined sharply after positive developments linked to the Strait of Hormuz reduced concerns over supply disruptions. Market analysts said easing tensions lowered pressure on oil prices.

US crude oil prices fell 5.29 percent to $76.09 per barrel, according to the latest market data. Meanwhile, Brent crude declined 4.77 percent to $79.77 per barrel.

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Earlier, US crude prices had dropped 4.97 percent to $76.35 per barrel following reports of progress regarding the strategic waterway. Brent crude also declined 4.20 percent to $80.25 per barrel.

The Strait of Hormuz remains a key global energy route, carrying a signifi...