Oil Prices Slide as Markets Eye Hormuz Flows and US Pressure on Iran
Oil prices declined slightly on Friday after investors took profits from a strong rally throughout the week. The market also looked at reports on increasing tanker traffic through the Strait of Hormuz and the United States' economic pressure on Iran that could affect oil supplies.
The international benchmark for October delivery, Brent crude, was trading at $93.16 per barrel at 08.44 GMT, down 0.66 percent from the previous close of $93.78. Meanwhile, West Texas Intermediate or WTI, which is the US benchmark for oil for October delivery, fell 0.77 percent to $86.16 a barrel from $86.83.
The recent rise in oil prices was triggered by concerns over oil supply disruptions due to the prolonged conflict in the Middle East. On the supply side, the US military had opened a shipping corridor in and out of the Strait of Hormuz to facilitate tanker traffic, according to US officials.