Crude Prices Retreat as Iran War Rages On

Crude prices retreated on Thursday after a sharp rally in the previous session, as oil continued to flow through alternative routes despite US-Iran hostilities intensifying.

WTI crude slipped 0.54% to $84.00 a barrel, while Brent crude fell 0.85% to $89.97 a barrel, following a rebound on Wednesday that had erased losses from Tuesday's drop of about 5%.

Preliminary data showed 39 commodity vessels entered the Red Sea through the Bab el-Mandeb Strait on Tuesday, the highest number recorded since July 19, indicating oil supplies were still finding routes out of the region.

'While overall volumes are reduced, oil continues to leak out of the region through multiple channels,' said IG market analyst Tony Sycamore. 'The longer this situation persists, the more these alternative routes and methods will erode Iran's leverage over the Strait of Hormuz.'