Oil prices recorded a renewed decline, continuing their recent streak of losses, driven by positive indications regarding the sustained flow of crude through the Strait of Hormuz. Brent crude and West Texas Intermediate (WTI) fell by approximately 0.5%, settling at $75.93 and $72.85 per barrel, respectively, nearing their lowest levels in four months. This drop comes in response to political developments, most notably the temporary easing of tensions and cessation of hostilities in the Middle East, as well as the granting of a 60-day sanctions waiver to Tehran following preliminary talks, allowing it to resume oil sales. Investors are closely monitoring the outcomes of these agreements and their potential impact on the stability of global supplies.