🔻Oil prices fell slightly

Oil prices in early trading today showed a slight decline.

According to Reuters, on Tuesday Brent crude fell by about 0.6% to around $115 per barrel.

The decline has been attributed to diplomatic efforts aimed at ending the Iran-linked war. However, concerns about attacks on commercial vessels and security in the Strait of Hormuz remain.

Before the outbreak of the war, the Strait of Hormuz was the transit route for about one-fifth of global energy supply.