Oil drops as US cuts shipping fees
Oil prices declined by more than 1% during Thursday's trading session amid risks related to supplies caused by ship attacks in the Strait of Hormuz and efforts to cut costs by easing US sanctions on some of the ships transporting oil. Brent crude fell to $104.42 per barrel, while West Texas Intermediate dropped to $94.11 per barrel, after previously rising. This comes amid escalating attacks and disruptions to maritime navigation, with Iran intensifying its activities in response to the US blockade. At the same time, the US administration is considering relaxing sanctions on ships belonging to the "parallel fleet" transporting oil in an attempt to lower prices, despite increased production from Russia and Gulf producers, which has helped contain further price hikes. According to the International Energy Agency, Russia’s production increased by 65,000 barrels per day in September, while Gulf exports grew by approximately 4.4 million barrels per day, with market volatility continuing due to instability in the region.
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