Oil prices decline further as Strait of Hormuz traffic improves

Crude oil prices extended their decline on Thursday, moving closer to pre-war levels as stranded tankers exited the Strait of Hormuz after an initial accord to end the US-Israeli war with Iran eased supply concerns. Prompt-month Brent crude futures ‌for August delivery fell 0.54% to $73.34 a barrel. Meanwhile, US West Texas Intermediate slipped 0.38% to $70.07 a barrel.