Oil prices fall amid optimism over easing US-Iran tensions

Oil prices declined as optimism grew over a potential end to the US military campaign against Iran, despite the partial closure of the Strait of Hormuz. Brent crude dropped to around $111 per barrel, while WTI fell near $101. Iraqi Basra crude was also affected, with both heavy and medium grades declining in Asian markets. Iraq continues to face production cuts due to shipping disruptions and storage limits, adding pressure to the oil market.