Geneva: Oil prices fell on Thursday as more supply returned to the global markets after oil tankers began to move through the Strait of Hormuz following the signing of a memorandum of understanding between the United States and Iran. Brent crude futures fell 54 cents, or 0.68 percent, to $78.31 a barrel. US West Texas Intermediate crude futures dropped 46 cents, or 0.60 percent, to $76.14 a barrel.

According to Qatar News Agency, both contracts dropped to their lowest levels since early March during trading on Thursday after several tankers transited the Strait of Hormuz, signaling a resumption of shipping through one of the world's most strategic energy trade routes.