Karachi: (RightNow) Despite tensions in the Middle East, global oil prices saw a decline on Thursday. Brent crude prices fell by $1.45 per barrel, reaching $89.29 per barrel.

The price of American oil also decreased by $0.85, bringing it to $83.61 per barrel. According to news agencies, this change followed proposals exchanged between Iran and Oman regarding the management of the Strait of Hormuz.

Despite the intensifying conflict between the US and Iran in the Middle East, the movement of oil tankers continues, leading to a drop in prices. The Saudi Ministry of Defense stated that 14 countries, including Pakistan, Turkey, Egypt, and Sudan, support the Saudi-led maritime defense alliance.

This decrease could impact the global economy, as changes in oil prices affect international trade.

It is important to note that the Strait of Hormuz is a crucial route for global oil tankers, with millions of barrels passing through daily, and tensions in this area influence the global market.