Crude oil prices continued to fall on Wednesday as investors’ supply concerns eased after the shipping through the Strait of Hormuz was restored. Oman announced that it had established a temporary corridor through the maritime route in coordination with the UN’s International Maritime Organization (IMO), to ensure toll-free navigation. Meanwhile, United States President Donald Trump said that Iran told the US that it is not seeking to charge tolls for the passage through the strait, but also warned that negotiations with Tehran would end “if this is false information.”
WTI for August deliveries plunged 3.82%, going for $69.92 per barrel at 9:35 am ET. A minute later, Brent for the same month’s settlements dropped 4.10%, selling at $73.72 a barrel.