Oil Falls Over 1% on Supply Concerns
Oil prices declined by more than 1% at the start of trading, due to increasing risks to oil supplies resulting from attacks on ships in the Strait of Hormuz and Iran's escalation of its retaliatory operations. Brent crude fell to $104.67 per barrel, while West Texas Intermediate dropped to $94.07, after earlier gains driven by reports of two ships being sunk following missile strikes. Additionally, the U.S. administration is considering easing sanctions on the shadow fleet transporting oil from Iran and Russia in an attempt to calm prices, amid rising production in Russia and the Gulf region, and a significant decrease in U.S. oil stocks.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)