US-Iran peace deal, June 25 -- Oil prices continued to decline on Thursday, 25 June, moving closer to levels seen before the conflict, as tankers stranded near the Strait of Hormuz resumed transit following an initial agreement to end the US-Israeli conflict with Iran, reducing fears of supply disruptions.

Brent crude futures for August delivery were down 40 cents, or 0.54%, at $73.34 per barrel, while US West Texas Intermediate (WTI) crude slipped 27 cents, or 0.38%, to $70.07 per barrel.

The downward trend followed Wednesday's sharp losses, with Brent crude dropping more than $3 and WTI closing nearly $3 lower, as concerns over oil supply eased.

Several segments of the oil market are witnessing a surge in supply as buyers are being f...