Oil prices fell on Wednesday, extending this week's losses and trading near four-month lows hit in the previous session, on signs that more oil tankers stranded ?in the Gulf since the start of the Iran war are set to ?move out of the Strait of Hormuz. Brent crude futures were down 37 cents, or 0.5%, at $76.71 a barrel as of 0043 GMT, and U.S. West Texas Intermediate slipped 36 cents, or 0.5%, to $72.85 a barrel. ?Both benchmarks declined nearly 1% on Tuesday, touching their lowest levels since early March.

Prices ?have come under pressure this week after Washington granted Tehran a 60-day sanctions ?waiver following initial peace talks, allowing it to sell oil, and as hostilities in ?Lebanon eased. "Crude oil prices were weighed down by hopes of easing U.S.-Iran tensions and a recovery ?in oil shipments through the Strait of Hormuz," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting. "Further progress in nuclear negotiations could push prices back to pre-war levels," he added.

On Tuesday, Oman and Iran ?agreed to press on with discussions about the future administration of navigation in the Strait. U.S. ?Secretary of State Marco Rubio said any Iranian attempt to levy transit fees would violate international law. Still, uncertainty remains ?over ?the durability of the accord. U.S. President Donald Trump said on Tuesday that Iran had agreed to nuclear inspections into "infinity," while Tehran said it had made no such concession in negotiations.

Investors are also watching how quickly Middle Eastern producers can restore exports and whether more ships will enter ?the region. An Iranian military ?source told Fars news ?agency that a limited number of vessels are being allowed to pass through the strait each day under coordination with Iran's Revolutionary Guards Navy.

Credit: Independent News Pakistan (INP)