CNN reports that despite continued severe traffic restrictions in the Strait of Hormuz and the absence of serious signs of the war ending, oil prices have fallen

CNN reported that despite the continued severe restrictions on shipping traffic in the Strait of Hormuz and the absence of serious signs that the war is nearing an end, the price of oil has declined. The price of Brent oil fell by about 2% to $87.20 and West Texas Intermediate crude reached $81.45 per barrel.

According to CNN, experts attribute this decline to a general drop in commodity prices, China’s reduced oil imports, countries’ use of oil reserves, increased U.S. production, and Gulf producers’ use of alternative export routes. However, the International Energy Agency has warned that in the current quarter the world is facing a daily shortage of 1.8 million barrels of oil, and if the dispute over the Strait of Hormuz continues, the energy market in the coming months will face even greater challenges.