Global crude oil benchmarks extended their decline on Wednesday, with prices trading near four-month lows established in the previous session.
The sell-off reflects growing market confidence that shipping traffic through the Strait of Hormuz remains robust, easing fears of a supply bottleneck that had previously propped up prices.
The move comes after US President Donald Trump claimed on Tuesday that a record 19 million barrels of oil flowed through the Strait of Hormuz on Monday.
Brent crude futures and WTI both retreated further in Asian trading hours.
The move comes after US President Donald Trump claimed on Tuesday that a record 19 million barrels of oil flowed through the Strait of Hormuz on Monday.
That statement, which suggested the critical chokepoint was operating at full capacity, helped deflate the geopolitical risk premium embedded in energy prices.
Despite the easing supply concerns, political headwinds persist.