Global decline in oil prices affects markets worldwide
Oil prices fell globally on Thursday after initially rising at the start of the session. The market experienced profit-taking and risk assessment following new American strikes targeting Iranian facilities, raising concerns over potential escalation of the conflict and disruption of oil supplies through the Strait of Hormuz. Brent crude decreased by 24 cents to $84.95 per barrel, while West Texas Intermediate dropped to $79.45. Shipping activity through the Strait of Hormuz also declined after the US renewed its blockade of Iranian ports. Iran indicated the possibility of using its allies to close the Bab el-Mandeb Strait, putting one of the world's most important energy routes at risk.
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