Oil prices declined as investors weighed prospects of reopening the Strait of Hormuz against persistent geopolitical risks. Markets also awaited US payrolls data, while uncertainty over Iran-related negotiations, shipping arrangements and regional security kept crude prices volatile despite easing supply concerns.

Oil prices experienced a significant decline on Tuesday, falling over five percent. Hopes for a diplomatic resolution to the West Asia conflict emerged. This potential resolution…

Oil prices rose slightly on Wednesday after two days of steep losses, with markets closely watching efforts to end the US-Iran war and restore shipping through the Strait of…