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Oil falls on diesel hopes and Gulf risks
Oil prices declined today, marking their first decrease in nearly a week, amid market anticipation of increased diesel shipments from Russia and concerns over potential attacks on shipping routes in the Gulf. Brent crude fell by $1.30 to reach $105.35 per barrel, while West Texas Intermediate dropped to $92.49, after previously rising by about $2. Both declines come amid reports that Russia has approved diesel exports and that there is a temporary easing of U.S. sanctions, despite doubts about the stability of the ceasefire between Russia and Ukraine. There are also risks of energy facility attacks in the Gulf following Houthi strikes, threatening global oil supplies and fueling market tension. Additionally, transportation and shipping costs have surged to record highs, with OPEC reducing its forecast for oil demand growth to 400,000 barrels per day from an initial estimate of 1.4 million earlier this year.
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