International oil prices fell on the 28th (local time) as expectations persisted that crude oil transportation through the Strait of Hormuz would recover, compounded by hawkish remarks favoring monetary tightening from Federal Reserve Chair Kevin Warsh.

On this day, West Texas Intermediate (WTI) for October delivery settled down 0.13 dollars (0.16 percent) at 83.40 dollars per barrel on the New York Mercantile Exchange.

In London, Brent crude for October delivery ended down 0.39 dollars (0.43 percent) at 89.31 dollars per barrel on the ICE Futures Exchange.

Although negotiations between the United States and Iran remain deadlocked, analysis showing a gradual increase in crude oil shipping volumes through the Strait of Hormuz drove prices down.

Yaniv Shah, an analyst at Rystad, said, "This week's decline in oil prices is likely due to the volume of crude oil that can exit the Strait of Hormuz and the increasing pace of shipping traffic."

Chair Warsh's Jackson Hole speech on this day also exerted downward pressure on oil prices.

As Warsh emphasized that the Federal Reserve "has work to do" unless it is confident that inflation is slowing toward the Fed's target at a sufficient pace, the possibility of a rate hike surfaced in the market.

Generally, interest rate hikes can slow economic activity and weaken future crude oil demand, thereby acting as a burden on oil prices.