Oil Prices Fall for Fourth Day as Hormuz Traffic Improves

LONDON: Global crude oil prices declined for a fourth consecutive session as improving oil shipments through the Strait of Hormuz and hopes for diplomatic progress in the Iran conflict eased some pressure on international energy markets.

According to the figures cited in the report, Brent crude fell 3.4 percent to $100.34 per barrel, while US West Texas Intermediate (WTI) declined 4.5 percent to $95.78 per barrel.

Both benchmarks fell to their lowest levels since September 8.

The decline came as more oil began moving through the Strait of Hormuz and expectations of diplomatic progress in the Iran conflict increased.

The strategic waterway is a major route for global oil and gas shipments, and disruptions there have previously pushed energy prices higher.

Meanwhile, the cost of fuel in the United States remains elevated.

The national average gasoline price stood at around $4.48 per gallon on September 21, while the average diesel price reached about $6.51 per gallon, according to the figures cited in the report.

US Vice President JD Vance has attributed higher American energy costs to the disruption caused by the conflict with Iran.

He said uncertainty and risks to shipping created by Iran were contributing to higher energy costs.

A separate incident involving an LPG tanker in the Strait of Hormuz also added to concerns over maritime security. The tanker was reported to have continued its journey after an object or projectile fragment landed on board, with two crew members suffering minor injuries.

The identity of the projectile and the party responsible for the incident remained unclear.

Oil prices had risen sharply following disruptions involving the Strait of Hormuz and the Bab al-Mandab route.

The latest decline has nevertheless raised hopes that continued diplomatic contacts could reduce tensions and improve energy flows.

The direction of oil prices will remain closely linked to developments around the Strait of Hormuz, regional security and efforts to reach a diplomatic settlement.