Middle East Tensions Fail to Disrupt Oil Shipments

Oil prices took a hit on Thursday as tankers continued to navigate through conflict zones in the Middle East, despite escalating tensions. The US had launched strikes against Iran just days prior, but it seems that oil shipments are still flowing. Brent crude futures fell by 1.42% to $89.45 per barrel, while US West Texas Intermediate crude slipped 0.66% to $83.90 per barrel.

A total of 39 commodity ships passed through the Bab el-Mandeb Strait on Tuesday, with only a few transiting the Strait of Hormuz. The stability of oil prices remains uncertain as tensions in the region continue to rise.