New york: Global oil prices on the market experienced a significant drop, falling by nearly $4. This shift was reported on the New York Mercantile Exchange (NYMEX) where September futures for WTI crude decreased by $2.88, or 3.12%, settling at $89.31 per barrel. Additionally, on London's ICE exchange, September futures for Brent crude saw a decline of $3.91, or 3.88%, closing at $96.78 per barrel.

According to Azeri-Press News Agency, analysts have attributed the decline in oil prices primarily to the growing expectations that tensions between the United States and Iran will not escalate further. This development is anticipated to reduce the risks associated with oil supplies through the Strait of Hormuz. Furthermore, the recent price rally prompted investors to take profits, thereby increasing the selling pressure on oil prices.