After a strong overnight rise, crude oil futures declined slightly in early Asian trading, or due to a technical correction. However, the decline in crude oil futures is likely to be limited, as hopes of quickly reaching an agreement to reopen the Strait of Hormuz, a key waterway through which one-fifth of the world's crude oil is transported. According to the “Wall Street Journal” quoting US officials, US President Trump has taken a wait-and-see attitude towards the Iran war, which will allow more time for financial sanctions and the US naval blockade of Iranian ports to cause economic damage to this Middle Eastern country. West Texas Intermediate oil futures fell 0.1% to $82.08 a barrel in recent months.

After a strong overnight rise, crude oil futures declined slightly in early Asian trading, or due to a technical correction. However, the decline in crude oil futures is likely to be limited, as hopes of quickly reaching an agreement to reopen the Strait of Hormuz, a key waterway through which one-fifth of the world's crude oil is transported. According to the “Wall Street Journal” quoting US officials, US President Trump has taken a wait-and-see attitude towards the Iran war, which will allow more time for financial sanctions and the US naval blockade of Iranian ports to cause economic damage to this Middle Eastern country. West Texas Intermediate oil futures fell 0.1% to $82.08 a barrel in recent months.