WASHINGTON (dpa-AFX) - Crude oil prices have recorded a mild decline on Tuesday amidst reports of steady increase in traffic through the Strait of Hormuz. Expectations of a faster increase in global supply also weighed on sentiment amidst Washington granting Iran a 60-day license to sell oil on international markets.
Brent Oil Futures for September settlement are currently trading at $77.33, declining 0.25 percent from the previous close of $77.52. In the day's trading, Brent ranged between $76.16 and $77.90. The 52-week trading ranged between $58.72 and $126.41.
With the day's plunge, Brent's price movement has resulted in weekly losses of 1.6 percent and monthly losses of 22.7 percent. Year-to-date gains are a little more than 27 percent. Brent oil's gains over the past year stand at 9.7 percent while gains from the levels three years ago stands at 4.9 percent.
West Texas Intermediate (WTI) Crude Oil Futures for August settlement has dropped 0.12 percent from the previous close of $73.86 at its current trading price of $73.77. Prices ranged between a low of $72.5 and a high of $74.4 in the day's trading. Trading has ranged between $54.98 and $117.63 over the past 52 weeks.
Amidst the overnight decline, WTI crude oil is saddled with weekly losses of 1.9 percent and monthly losses of 23.6 percent. Year-to-date gains exceed 28 percent. WTI prices are currently around 7.7 percent above the levels a year ago and 6.5 percent above the levels three years ago.
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