E-Paper | October 03, 2026

Oil prices fall on hopes for smoother shipping in Strait of Hormuz

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Oil prices have fallen after the latest round of US-Iran fighting, as traders grow hopeful that shipping will eventually resume in the Strait of Hormuz, but for the week, Reuters reports that prices are still up sharply.

Brent futures are down 38 cents, or 0.5 per cent, at $75.92 a barrel by 1530 GMT (8:30pm PKT). US West Texas Intermediate (WTI) crude has dropped 69 cents, or 0.96pc, to $71.39.

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