New Delhi, 06 July (H.S.):

Crude oil prices continued to decline on Monday as oil and gas shipments through the strategically important Strait of Hormuz resumed more smoothly despite ongoing tensions in West Asia. The improvement in maritime traffic through one of the world's busiest energy transit routes has eased supply concerns, pushing Brent crude closer to the $72-per-barrel mark.

During trading in the international market, Brent crude fell by $0.28, or 0.39 per cent, to trade at $71.84 per barrel. Meanwhile, West Texas Intermediate (WTI) crude declined by $0.18, or 0.26 per cent, to $68.51 per barrel.

Adding to the downward pressure on prices, the OPEC+ alliance decided to increase crude oil production from next month. Led by Saudi Arabia and Russia, seven member countries have approved an additional production of 188,000 barrels of crude oil per day.

Movement of oil and gas carriers through the Strait of Hormuz improved significantly on Sunday compared to previous days. Fifteen Indian vessels carrying urea, diammonium phosphate (DAP), and sulphur have safely transited through the Strait and are now en route to ports in India.

The improved flow of energy shipments through the Strait of Hormuz, coupled with the planned increase in OPEC+ production, has helped ease concerns over global supply disruptions, contributing to the recent decline in crude oil prices.

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Hindusthan Samachar / Jun Sarkar