Oil prices fall amid inventory increase
The article discussed oil prices and their decline following an increase in U.S. crude inventories. Brent crude fell by 0.86% to reach $107.82 per barrel, while West Texas Intermediate experienced a similar downward trend of 0.92%, settling at $104.86. This followed a previous rise of more than three dollars two days ago. The decline came amid escalating fears of supply disruptions due to tensions in the Middle East. Additionally, shipping costs for oil tankers passing through the Strait of Hormuz reached record highs, driven by a decrease in the number of ships ready to transit the strait, resulting in transportation costs exceeding one million dollars for the first time.
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