Oil prices continue to decline

Brent crude declined by 1.1% to $91.57 per barrel during morning trading, while West Texas Intermediate (WTI) crude fell by 1.2% to $85.78 per barrel. U.S. President Donald Trump's statement that a new military strike against Iran was unlikely prompted global energy markets to reassess geopolitical risks.

Diplomatic expectations that conflicts in the Middle East could be brought to an end were a key factor behind the decline in oil prices. Easing regional tensions have reduced concerns about potential disruptions to oil supplies, while investors continue to closely monitor shipping security in the Strait of Hormuz. A sustained decline in energy prices could lower costs for oil-importing countries and help ease global inflationary pressures.