Oil prices slide to three-month low as supply hopes and weak demand weigh

Singapore: Oil prices fell to their lowest level in three months today as markets weighed the prospect of resuming supplies through the Strait of Hormuz, weak physical demand, and the absence of concrete details from a preliminary agreement to end the war in Iran.

By 09:06 GMT, Brent crude futures had dropped $1.44, or 1.7 percent, to $81.73 a barrel — their lowest level since 10 March 2026.

US West Texas Intermediate crude futures also declined $1.55, or 1.9 percent, to $79.20 a barrel, also reaching their lowest level since 10 March.

Prices had already tumbled about 5 percent on Monday, settling at their lowest level since 4 March.