India, Aug. 24 -- Crude oil prices moved lower on Sunday despite renewed concerns over supplies from the Middle East, as Iran issued a fresh warning over the Strait of Hormuz amid the continuing conflict with the United States. Brent crude, the global benchmark, declined 0.66% to $93.77 a barrel, while US crude fell 0.68% to $86.47 a barrel.

The modest decline came against the backdrop of rising uncertainty over one of the world's most important oil shipping routes.

Why Is Iran Threatening The Strait Of Hormuz?

Iran's Supreme National Security Council secretary Mohsen Rezaei warned that Tehran could further restrict the movement of oil through the Strait if neighbouring countries cooperate with US efforts to pressure the Iranian econom...