Oil Prices Decline on Reduced US-Iran Tensions and Improved Venezuela Outlook

Oil prices declined for a second day amid easing fears of a US military strike on Iran, with Brent crude falling to $63.55 and West Texas Intermediate to $59.04 per barrel. The shift followed US President Donald Trump's softened stance after Iran's protest crackdown appeared to ease and reassurances against executions. Additionally, improved US-Venezuela relations raised expectations of increased Venezuelan oil flows, reducing geopolitical risk concerns despite ongoing regional unrest and supply disruptions.