00:01Oil prices extended their decline on Wednesday, falling more than 1% to near four-month lows amid signs that
00:08shipping activity through the Strait of Hormuz is gradually returning to normal.
00:13Brent crude futures fell 96 cents, or 1.3%, to $76.12 a barrel, while U.S. West Texas Intermediate
00:23crude slipped 92 cents, or 1.3%, to $72.29 a barrel.
00:30Both benchmarks had already settled about 1% lower on Tuesday, reaching their weakest levels since early March.
00:38Market sentiment was further weighed down by Washington's decision to grant Tehran a 60-day sanctions waiver following initial peace
00:46talks allowing Iran to continue selling oil.
00:49Easing tensions in Lebanon also contributed to the downward pressure on prices.
00:54On Tuesday, Oman and Iran agreed to continue discussions on the administration of navigation through the Strait of Hormuz, a
01:02key global shipping route.
01:04Meanwhile, U.S. Secretary of State Marco Rubio said any attempt by Iran to impose transit fees on vessels using
01:12the strait would violate international law.
01:15Well, that's the law. It's an international waterway. No country is allowed to charge tolls or fees on an international
01:21waterway. That's existing international law. That's the way it is in international waterways all over the world, and that's the
01:27way we expect it'll be here.
01:28So I don't think we have anybody to convince around here in that regard. I think all the countries in
01:33this region would agree with us.
01:34Despite the easing tensions, uncertainty remains over the long-term stability of the agreement.
01:40U.S. President Donald Trump said Iran had agreed to allow nuclear inspections indefinitely, a claim that Tehran has denied.
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