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...
The Strait of Hormuz is a narrow, crescent-shaped strip of water separating the arid cliffs of Oman and the United Arab Emirates from the mountainous coast of Iran.
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...
Iran has established the Persian Gulf Strait Authority to regulate maritime traffic through the Strait of Hormuz, one of the world’s most critical oil shipping routes. Â
Tensions in the Middle East escalated on Saturday as Iran announced the closure of the Strait of Hormuz, accusing the United States of violating prior agreements amid a continuing naval blockade. Â
Global oil prices fell sharply on Friday after the Strait of Hormuz was reopened to commercial shipping, easing fears of prolonged supply disruptions. Â
