Oil prices on the global market fell by nearly $4, APA-Economics reports.
On the New York Mercantile Exchange (NYMEX), September futures for WTI crude dropped by $2.88, or 3.12%, to $89.31 per barrel.
On London's ICE exchange, September futures for Brent crude declined by $3.91, or 3.88%, to $96.78 per barrel.
According to analysts, the main reason behind the decline was growing expectations that tensions between the United States and Iran would not escalate further, reducing risks to oil supplies through the Strait of Hormuz. In addition, investors opted to take profits following the recent price rally, increasing selling pressure.
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