Oil Prices Slip as Tankers Navigate Conflict Zones

Oil prices slipped on Thursday as tankers continued to navigate conflict zones in the Middle East despite escalating tensions between Iran and the US.

The Brent futures fell by 79 cents, or 0.9%, to $87.30 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 76 cents, or 0.9%, to $83.70 a barrel, according to Reuters.

This decline comes after oil prices rose sharply in the previous session, with Brent settling up 7.91% and WTI up 6.56%, following one of the sharpest spikes in the Iran war.