Oil prices continued to decline on Wednesday, with Brent August futures slipping 0.4% to $76.76 per barrel and West Texas Intermediate falling 0.4% to $72.91 per barrel in Asian trade. The move marked a third consecutive session of losses and kept both benchmarks near the four‑month lows recorded in the previous session. Market sentiment was influenced by reports that tanker traffic through the Strait of Hormuz is gradually recovering after a months‑long disruption. Several supertankers that had been stranded in the Gulf have now cleared the waterway with crude cargoes, and a growing number of Qatar‑linked liquefied natural gas vessels have resumed voyages, which traders interpret as an early indication that regional energy flows are normalising.
Diplomatic developments also supported the market. U.S. and Iranian negotiators announced a 60‑day roadmap aimed at a broader settlement, and Washington granted a temporary sanctions waiver that permits limited Iranian oil exports to continue through August. These steps have raised expectations that additional crude supplies could re‑enter global markets.
In the United States, the American Petroleum Institute reported a decline of 765,000 barrels in crude inventories for the week ended 19 June, a draw that was smaller than analysts had forecast. Traders are awaiting the official Energy Information Administration figures later in the day for confirmation.
Overall, the combination of easing geopolitical tensions, the partial restoration of Hormuz shipping lanes, and the modest U.S. inventory draw contributed to the continuation of price declines despite the underlying expectation of increased supply.