Hormuz Flows Ease Tensions in Brent Market

Brent crude oil prices retreated on Thursday after surging 7.9% in the previous session.

The price of Brent traded around $90 per barrel, balancing renewed geopolitical tensions against improving oil flows through the Strait of Hormuz.

Kpler reported that 14 commodity vessels transited Hormuz in both directions on Wednesday, up from single-digit levels seen last week.

Ambitious efforts by US forces to curb Iranian military capabilities and limit their threat to regional shipping also weighed on prices.