Oil Prices Slip as Tankers Navigate Middle East Conflict Zones

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

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

This comes after oil prices saw a sharp spike in the previous session, with Brent settling up 7.91% and WTI up 6.56%. However, on Tuesday, oil prices had plunged by 5% due to a pause in hostilities in the US-Iran war.

Thirty-nine commodity ships passed through the Bab el-Mandeb strait into the Red Sea on Tuesday, the highest number since July 19, with only a few transiting through the Strait of Hormuz, according to preliminary shipping data.