Economy
Oil Prices Slide as Hormuz Strait Optimism Returns
Oil prices dropped on Thursday afternoon, driven by renewed hopes for a deal to gradually reopen the Strait of Hormuz.
Renewed optimism that an agreement could lead to a phased reopening of the Strait of Hormuz pushed oil prices lower again in Thursday afternoon trading. By 15:55 Moscow time, US West Texas Intermediate crude futures for June delivery had fallen 5.06% to $90.27 per barrel.
Global benchmark Brent crude futures for July delivery dropped 4.78% to $96.43 per barrel, according to trading data. Thursday's session saw volatility, with Brent trading in a range between a 1% gain and a 3.8% decline from the previous settlement level.
Both benchmark contracts had plunged more than 7% on Wednesday, hitting two-week lows amid optimism that the war in the Middle East might end.
