In early Asian trading, oil prices fell as optimism about the reopening of the Strait of Hormuz heats up; the Strait of Hormuz is a key waterway, and one-fifth of the world's oil has to be transported through this strait. An analyst at ANZ Research Division stated, “Iran said it has reached an agreement with Oman on the proposed shipping route through this waterway, but the details are still to be finalized. “Analysts at ANZ Research said in a research report: “The routes in and out are said to be within Iran's territorial waters in the northern part of the strait. “West Texas Intermediate oil futures fell 0.3% to $74.98 a barrel in recent months.

In early Asian trading, oil prices fell as optimism about the reopening of the Strait of Hormuz heats up; the Strait of Hormuz is a key waterway, and one-fifth of the world's oil has to be transported through this strait. An analyst at ANZ Research Division stated, “Iran said it has reached an agreement with Oman on the proposed shipping route through this waterway, but the details are still to be finalized. “Analysts at ANZ Research said in a research report: “The routes in and out are said to be within Iran's territorial waters in the northern part of the strait. “West Texas Intermediate oil futures fell 0.3% to $74.98 a barrel in recent months.