Oil Prices Decline as Tankers Navigate Middle East Conflict Zones

Oil prices declined on Thursday as tanker traffic continued to navigate through conflict zones in the Middle East, despite escalating tensions between Iran and the US.

The Brent futures price fell by $0.79, or 0.9%, to $87.30 a barrel, while U.S. West Texas Intermediate (WTI) crude slipped by $0.76, or 0.9%, to $83.70 a barrel as of 00:15 GMT.

A total of 39 commodity ships passed through the Bab el-Mandeb strait into the Red Sea on Tuesday, which is the highest number since July 19. This suggests that oil continues to flow from the region despite the conflict.