Oil prices extend decline on expectations of smoother crude flows via Hormuz (opens original article in a new tab)

Oil prices declined on Wednesday, hitting near four-month lows as expectations of smoother crude flows through the Strait of Hormuz and easing U.S.-Iran tensions weighed on markets.

• Oil prices fell on Wednesday, extending this week's losses and trading near four-month lows.
• Brent crude futures dropped 0.5% to $76.71 a barrel, and U.S. WTI fell 0.5% to $72.85 a barrel.
• Signs of more oil tankers moving out of the Strait of Hormuz and easing U.S.-Iran tensions contributed to the decline.