Washington, June 24 -- Oil prices fell to their lowest on Wednesday as concerns over supply disruptions in the Gulf eased and investors closely monitored developments around the Strait of Hormuz.
International benchmark Brent crude for August delivery fell 3.05% to $74.73 per barrel, its lowest level since before the US and Israel launched strikes on Iran on February 28. US West Texas Intermediate (WTI) crude for August delivery also dropped nearly 3% to $71.02 per barrel, according to CNBC.
The latest decline comes after global markets reacted positively since Washington granted Iran a 60-day sanctions waiver following initial peace talks, raising hopes of a broader diplomatic breakthrough.
Additional support came from ongoing discussio...