Oil prices continue slide amid hopes for peace, opening of Strait of Hormuz

Brent crude oil futures dipped nearly 1% on Wednesday, extending declines of about 5% each of the previous two days, to $78.24 a barrel, the lowest since March 3, three days after the start of the US-Israel war on Iran. The slide is driven by hopes for a framework agreement to end the conflict and reopen the Strait of Hormuz, which Iran has nearly closed. Analyst Tamas Varga said the $17 drop in four sessions reflects confidence that the worst supply disruptions are over. Vandana Hari of Vanda Insights warned the move is sentiment-driven and risks from logistics to renewed geopolitical tensions are not adequately priced in.