Oil drops as tankers transit Middle East zones
Oil prices declined today, Thursday, after experiencing significant gains yesterday, despite the continued passage of oil tankers through conflict zones in the Middle East and the ongoing US-Iran tensions. Brent crude dropped by $1.29 to reach $89.45 per barrel, while West Texas Intermediate fell to $83.90. Data showed that 39 ships crossed through the Bab el-Mandeb Strait, the highest level since July 19, whereas transit through the Strait of Hormuz remained limited. The ongoing tensions and alternative routes being explored highlight the impact of the conflict on oil prices and Iran’s control over the Strait of Hormuz.
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