Oil Prices Decline as Investors Focus on Crude Flows Amid Gulf Tensions

Oil prices declined on Thursday despite renewed tensions in the Gulf region as investors focused on the actual flow of crude through key shipping routes.

Brent crude futures fell $0.96, or 1.06%, to $89.78 a barrel, while US West Texas Intermediate (WTI) crude decreased by $0.64, or 0.76%, to $83.82 a barrel.

The decline came after a sharp rally in the previous session, when Brent surged 7.91% and WTI gained 6.56%, following the escalation of US-Iran conflict.

Despite the renewed escalation, analysts said oil prices were being restrained by continued crude flows from the Gulf region.