Oil prices extend sharp decline as Strait of Hormuz reopening and US-Iran peace hopes shake global energy markets (opens in new tab)

Global oil markets extended their downward trajectory as crude benchmarks continued to weaken amid rising expectations that geopolitical tensions in the Middle East may ease. Traders are increasingly reacting to signals suggesting improved diplomatic engagement between the United States and Iran, alongside speculation that shipping routes through the Strait of Hormuz could face fewer disruptions in the coming months. The latest decline reflects a broader shift in sentiment across global energ...