Oil Prices Dip as Tanker Flow Eases Supply Fears

Oil prices declined on Thursday after surging in the previous session due to continued tanker movements through key Middle Eastern waterways, offering reassurance that crude supplies are still reaching global markets despite an escalation in the U.S.-Iran conflict.

Brent crude futures fell 1.3% to $89.6 a barrel, while U.S. West Texas Intermediate (WTI) crude declined 1% to $83.6 a barrel.

The pullback came after a sharp rally in the previous session, when Brent settled 7.91% higher and WTI gained 6.56% in one of the steepest oil price spikes since the start of the Iran war.

The continued movement of vessels through the region has provided some relief to oil markets, which have been closely monitoring the risk of a prolonged disruption to global energy supplies.