Oil Prices Slip as Tanker Traffic Continues Amid US-Iran Tensions

Oil prices dropped on Thursday as tanker traffic continued from the Middle East despite escalating tensions between the US and Iran.

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

Thirty-nine commodity ships passed through the Bab el-Mandeb strait into the Red Sea on Tuesday, with only a few transiting through the Strait of Hormuz, according to preliminary shipping data.

Tony Sycamore, an IG market analyst, noted that while overall volumes are reduced, oil continues to leak out of the region through multiple channels.