Red Sea Oil Shipments Defy Houthi Threats as Oil Prices Fall

Oil prices have fallen back after Thursday's rally, as shipments in the Red Sea continue despite threats from the Houthis.

The September WTI crude oil price dropped by 4.04%, and September RBOB gasoline fell by 2.79%. Brent crude oil prices also declined below $96 per barrel after reaching a two-month high of $102 on Thursday.

The drop in oil prices comes as the Houthis continue to threaten shipping in the Red Sea, with some tankers turning off their location transponders.