Global oil prices fell sharply on Tuesday, hitting a three-month low after optimism grew over the reopening of the Strait of Hormuz following a peace deal between the United States and Iran.

Again, Iran Closes Strait of Hormuz After U.S. Renewed Strikes   Iran has declared the complete closure of the Strait of Hormuz, warning that any vessel attempting passage will be targeted, following fresh U.S. military strikes. The announcement came from Iran’s Khatam al-Anbiya military command, which said...

Oil Prices Fall as US-Iran Ceasefire Talks Advance   Fresh diplomatic moves between the United States and Iran triggered a further decline in global oil prices on Thursday, raising hopes of a possible reduction in petrol prices in Nigeria. Brent crude fell to $93 per barrel on...

Crude Falls to $105 as US-Iran Negotiations Advance   The price of Brent crude dropped to $105 per barrel on Wednesday amid ongoing peace talks aimed at de-escalating tensions in the Middle East. According to data from Oilprice.com, Brent fell by $6, down from $111 on Tuesday,...

Oil Prices Ease as Shipping Resumes in Hormuz Strait   While the United States and Iran have yet to agree on terms to reopen the strategic Strait of Hormuz, about 30 Chinese ships reportedly transited the waterway on Wednesday. The semi-official Fars news agency in Iran reported...

Global oil prices surged to $104 per barrel on Monday after peace talks between the United States and Iran collapsed, raising fears of renewed hostilities in the Middle East.