New Delhi, May 31 -- Brent crude oil prices have fallen sharply to nearly USD 84 per barrel this week, retreating from the extraordinary highs seen just a month ago when the global benchmark crossed the USD 120 mark amid fears of a major disruption to oil supplies from West Asia.
The decline marks a correction of nearly 30 per cent from April's peak, when concerns over tensions involving Iran and the strategic Strait of Hormuz triggered panic across energy markets.
At the time, traders feared that any prolonged disruption to shipping through the narrow waterway could severely affect global crude supplies, pushing oil prices to their highest levels in years.
Since then, markets have gradually calmed as immediate fears of a large-scale sup...