Oil Prices Dip on Increased Flows Through Key Chokepoints

Oil prices dipped by over $1 as increased supplies flowing through key maritime chokepoints offset tensions between the US and Iran.

Brent futures fell by $1.03, or 1.2%, to $88 a barrel, while US West Texas Intermediate (WTI) crude slipped $1.50, or 1.8%, to $82.09 a barrel.

This price drop occurred despite the ongoing conflict between the two countries, with some analysts attributing it to signs of increased flows in the Strait of Hormuz, which usually carries about a fifth of global shipments of crude oil and liquefied natural gas.