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Commodities

Oil Prices Retreat Amid Ongoing Middle East Tensions and Continued Tanker Movement

Guavy AI Editorial Team
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Oil
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Global oil prices retreated on Thursday after a strong rally on Wednesday, as tensions between the US and Iran persisted despite continued tanker movement in the region.

The Brent crude futures price fell $1.29 to $89.45 per barrel, while US West Texas Intermediate (WTI) crude declined 56 cents to $83.90 per barrel in early trading.

Market analysts said that although overall oil exports from the region remain below normal levels, shipments are continuing through alternative routes, reducing the immediate impact of restrictions in the Strait of Hormuz.

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