Oil drops as Gulf supplies boost flows

Oil prices declined after nearly a 4% rally on Wednesday, driven by U.S. indications of significant crude flows passing through the Strait of Hormuz, despite navigation threats and rising regional tensions. Brent crude fell to around $102 per barrel, while West Texas Intermediate approached $91, with estimates of daily flows through Hormuz ranging between 8 to 17 million barrels. The market is also awaiting details regarding Saudi Arabia’s resumption of oil exports via the East-West pipeline, which was halted following earlier attacks. This pipeline serves as a vital alternative for Hormuz shipments amidst navigation threats. The reasons for the decline are linked to a reduction in geopolitical concerns, supported by improved Gulf supplies and hopes for diplomatic progress between Washington and Tehran, though the market remains far from returning to pre-escalation levels. Prices of refined products, such as diesel, increased more than crude oil, prompting calls for export restrictions in the United States, as international tensions continue to encourage close monitoring of developments.

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