Oil Prices Slip as Tankers Navigate West Asia Conflict Zones

Oil prices fell on Wednesday as tankers continued to navigate through conflict zones in West Asia. Brent futures dropped by 1.42% to $89.45 a barrel, while US West Texas Intermediate (WTI) crude declined by 0.66% to $83.9 a barrel.

A total of 39 commodity ships passed through the Bab el-Mandeb strait into the Red Sea on Tuesday, marking the highest number since July 19. However, only a few vessels transited via the Strait of Hormuz, which has been largely blocked due to tensions in the region.

The Strait of Hormuz is a critical oil shipping route, through which around a fifth of global oil and gas flows passed previously. Iran has ruled out an Oman-proposed joint management plan for the strait, according to a senior official.