Oil falls 1% amid focus on supplies through the Strait of Hormuz

Oil prices fell by more than one percent today, continuing losses from the previous session, amid indications of some progress in the return of crude oil flows through the Strait of Hormuz after talks between the United States and Iran.

Brent crude futures fell $1.09, or 1.4 percent, to $76.81 per barrel by 06:07 GMT, and US West Texas Intermediate crude fell 87 cents, or 1.2 percent, to $72.99 per barrel.

Prices fell by more than three percent yesterday, Monday, after the United States granted Iran a 60-day exemption from sanctions following initial talks.

“The gradual increase in oil flows through the Strait of Hormuz continues to impact the market,” ING Bank analysts said in a note.