Crude Oil Slips Below $80 Per Barrel As Iranian Tanker Exits US-Blockaded Gulf Zone

Global crude oil prices eased on Wednesday as Iran's first oil tanker in two months exited the US Navy-blockaded zone in the Gulf. Brent Crude declined nearly 1 percent to $78 per barrel, while American benchmark WTI Crude fell 1 percent to $75 per barrel during Asian trading hours.

The Strait of Hormuz, which handles about 20 percent of global oil supply, reopened after a ceasefire agreement between the US and Iran. The waterway had been closed since late February when hostilities began. Following the peace deal announcement on Monday, prices had dropped over 5 percent, though the subsequent decline has been more moderate than initially expected.

Traders remain cautious amid continued tensions in Lebanon, where Iran has accused Israel of violating the ceasefire agreement multiple times and warned of a "harsh response" if attacks continue.