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Oil drops to $104 amid Middle East disruptions
Oil prices fell today, Thursday, due to ongoing disruptions in Middle Eastern supplies and estimates from the International Energy Agency that lowered their global oil demand forecast by 2.6 million barrels per day. The rise of the dollar and concerns over the impact of Houthi attacks on the market also contributed to the decline. Brent crude dropped by 1.8% to reach $104 per barrel, while West Texas Intermediate (WTI) fell to around $94. Despite continued Houthi attacks on Saudi Arabia, no significant disruptions in oil supplies have been observed. Additionally, the United States is considering easing sanctions on certain oil vessels, including Russian, Iranian, and Venezuelan ships, in an attempt to reduce worldwide shipping costs.
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