Oil prices continued to decline in Asian trading on Wednesday as concerns over supply disruptions eased, while investors focused on the latest developments in the Strait of Hormuz.
Brent crude for August delivery fell 0.91% to $76.38 a barrel, while US West Texas Intermediate (WTI) crude for August delivery fell 0.94% to $72.52 a barrel.
The decline came as geopolitical tensions in the Middle East showed signs of easing.
At the same time, US President Donald Trump criticized oil companies for allegedly failing to lower gasoline prices in line with the fall in crude prices. He also called for an investigation into pricing practices in the industry.
However, some analysts believe that the decline in crude prices will not immediately translate into lower gasoline prices.
Factors such as refining costs, transportation and state and local taxes mean that the process of adjusting prices to consumers will take several weeks.
Market sentiment was also supported by positive developments in the Strait of Hormuz, with more than 11,000 seafarers stranded in the Persian Gulf expected to be able to continue their journey after safety assurances were obtained.
The reopening of the strategic route is expected to ease pressure on global supply chains and help restore shipping operations that were previously disrupted.
