Global crude oil prices fell by nearly 7% at the close of trading following recent developments in the Middle East and the Strait of Hormuz.
Al Jazeera reported early on August 4 that the decline pushed oil prices to their lowest level since July 13.
According to the report, Brent crude futures fell by $6.35, or 7%, to $83.77 per barrel.
Meanwhile, U.S. West Texas Intermediate (WTI) crude dropped by $4.33, or 5%, to $80.34 per barrel.
Global oil prices had surged following the conflict between the United States and Iran and the closure of the Strait of Hormuz, climbing to more than $100 per barrel at the height of the fighting in the Persian Gulf.
