Oil drops over 1.3 percent
Oil prices fell by more than 1.3% after investors assessed the risks associated with escalating tensions in the Strait of Hormuz and attacks on ships, in addition to the United States' efforts to ease sanctions on oil tankers. Brent contracts declined to $104.67 per barrel, and West Texas Intermediate to $94.07, after having risen in the previous session due to Houthi attacks on Saudi facilities and Iranian measures targeting ships. Tensions continue with the sinking of two cargo ships and Iran announcing new strategies to escalate attacks, while Washington considers easing sanctions on the shadow fleet moving oil from countries like Russia, Iran, and Venezuela to support price stability. Data also showed a decrease of 11.1 million barrels in oil inventories last week.
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