Middle East Tensions Ease as Oil Prices Retreat

Global oil prices eased on Thursday after crude shipments continued to move through key Middle East maritime routes despite escalating regional conflict.

Brent crude futures fell $1.29, or 1.42%, to $89.45 per barrel, while US West Texas Intermediate (WTI) crude declined 56 cents, or 0.66%, to $83.90 per barrel.

The pullback followed sharp gains in the previous trading session, when Brent surged nearly 8% and WTI rose more than 6% amid renewed military escalation in the region.

Analysts pointed out that shipping data showed 39 commodity vessels transited the Bab el-Mandeb Strait into the Red Sea on Tuesday, the highest number recorded since July 19.

However, traffic through the Strait of Hormuz remains significantly reduced due to ongoing conflict in the area.