Baku: Oil prices fell by nearly $1 in global commodity markets: APA-Economics reports. On the New York Mercantile Exchange (NYMEX), the price of July futures for U.S. WTI crude oil decreased by 0.94%, or $0.84, to $88.06 per barrel. On London's Intercontinental Exchange (ICE), the price of July futures for Brent crude oil fell by 0.76%, or $0.71, to $93.00 per barrel.

According to Azeri-Press News Agency, analysts attribute the decline in oil prices to expectations of easing tensions between the United States and Iran. Additionally, the normalization of oil supplies through the Strait of Hormuz has contributed to these lowered prices. These developments have led to strengthened expectations that supply-related risks in the market would decrease, influencing the downward trend in oil prices.