Oil Prices Slip Amid US-Iran Tensions Despite Ongoing Disruption

Oil prices have declined despite ongoing tensions between the US and Iran, which has sparked uncertainty in the Middle East.

Brent crude futures fell 0.5% to $89.20 a barrel, while U.S. West Texas Intermediate crude was down 0.5% at $83.12.

The decline in oil prices comes despite reports that the US administration is not interested in returning to an earlier agreement with Iran.

The Strait of Hormuz remains a key concern for the oil market, as disrupted shipping flows have kept risks of supply disruption on the radar of traders.