MOSCOW, June 24 (HS/RIA Novosti) - The price of Brent crude oil fell below $76 per barrel for the first time since March 2, trading data showed on Wednesday.

As of 03:09 GMT, the price of September Brent crude oil futures decreased by 1.08% from the previous close, reaching $75.97 per barrel. The price later rose above $76 again, reaching $76.11 per barrel as of 03:15 GMT.

The decline follows weeks of volatility driven by tensions in the Middle East, particularly concerns over shipping and energy supplies through the Strait of Hormuz, a key route for global oil trade. Market participants have been closely monitoring geopolitical developments in the region for their potential impact on crude supplies.

Lower crude prices could provide relief to major oil-importing countries, including India, by reducing import costs and easing inflationary pressures. Analysts say movements in international oil prices are being influenced by a combination of geopolitical factors, global demand trends and expectations regarding future energy supplies.

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Hindusthan Samachar / Indrani Sarkar