Oil dips amid ongoing tanker traffic
Oil prices declined today, Thursday, amid decreasing demand and an increase in ship traffic through congested areas in the Gulf, despite escalating tensions between the United States and Iran. Brent crude fell to $89.45 per barrel, and West Texas Intermediate to $83.90, after significant gains the previous day, due to a rise in ships passing through the Bab el Mandeb Strait and market concerns about the impact of tensions on energy shipments. Iran also announced attacks on American bases and launched strikes against several oil tankers, reflecting ongoing escalation in the region.
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