Brent Crude Falls to $89.45 as Shipping Data Shows Increased Activity

Oil prices have declined slightly, with Brent Crude futures falling to $89.45 per barrel, down $1.29 or 1.42% from yesterday's close.

This decline comes as preliminary shipping data shows a significant increase in the number of commodity vessels passing through the Bab el-Mandeb Strait into the Red Sea, reaching 39 ships on Tuesday, the highest count since July 19.

However, the Strait of Hormuz saw minimal activity, with only a handful of ships continuing to transit the area.