New Delhi, June 24 -- Crude oil prices extended their decline on Wednesday, hovering near four-month lows, as oil shipments through the Strait of Hormuz - a crucial route for global energy trade - normalised and signs emerged that more stranded tankers would resume operations amid progress in US-Iran peace talks.

Brent crude futures dropped 1.18% to $76.17 a barrel, while US West Texas Intermediate slipped 1.16% to $72.36. Both benchmarks settled around 1% down on Tuesday, touching their lowest since early March.

Crude oil prices have retreated more than 36% from the nearly $ 120-per-barrel highs reached during the peak of the recent US-Iran war in the Middle East earlier this year.

The market has also come under pressure after Washing...