Brent falls below US$75 as Nasdaq drops for 3rd straight day

Brent, WTI extend losses as ceasefire calms disruption risks in the Gulf

International benchmark Brent crude dropped about 4% to around $73 per barrel, its lowest level since before the U.S. and Israel launched airstrikes against Iran earlier this year.

Oil prices extended their decline on Wednesday, with both Brent crude and US benchmark West Texas Intermediate (WTI) hovering near four-month lows, as signs of improving shipping activity through the Strait of Hormuz eased concerns over a prolonged supply disruption.

West Texas Intermediate crude futures expiring in July were down 4.75%, hovering around $69.73 a barrel, while Brent crude futures expiring in August were hovering around $74.02 per barrel.