Oil Prices Reversal as Middle East Tensions Escalate

Oil prices gave up some of their gains on Thursday as tensions in the Middle East escalated.

Brent futures fell $1.29, or 1.42%, to $89.45 a barrel and US West Texas Intermediate (WTI) crude fell 56 cents, or 0.66%, to $83.90 a barrel.

This reversal comes after Brent settled up 7.91% in the previous session and WTI up 6.56% in one of the sharpest spikes since the Iran war began.

Thirty-nine commodity ships passed through the Bab el-Mandeb strait into the Red Sea on Tuesday, the highest number since July 19, but only a few transited through the Strait of Hormuz.