Oil dips amid easing Middle East concerns
Oil prices declined today, Thursday, after fears of supply disruptions in the Middle East subsided, despite ongoing tensions between Iran and the United States. Brent crude futures near $104 per barrel after earlier gains, while WTI crude is trading around $94. Data showed that Saudi oil exports through the Bab al-Mandeb Strait have returned to 1.5 million barrels per day. Additionally, the International Energy Agency has cut its forecast for global oil demand by 2.6 million barrels per day this year, citing weak demand resulting from geopolitical tensions. Despite inventories remaining tight and falling to their lowest levels in a decade, the downward revision in expectations and relative calm in the market led to a drop in oil prices, even as logistical challenges in the region increase due to Iranian attacks on maritime navigation.
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