Oil prices declined, as signs of easing tensions in the Middle East supply disruption weighed in.

Oil prices in Asia fell in early trading, influenced by signs of further easing of disruptions in Middle East supplies. Analysts from ANZ Bank's research department said in a research report, "Tankers are becoming more open when passing through the Strait of Hormuz." These analysts said, "The International Maritime Organization has received assurances of security, allowing hundreds of ships to leave the Persian Gulf." The analysts added, "The plan will be implemented in cooperation with Iran, Oman, and the United States." The Strait of Hormuz is a key waterway, through which one-fifth of the world's oil is typically transported. West Texas Intermediate crude futures fell 0.4% to $72.89 per barrel in recent months.