Oil prices slip as tankers continue to ply Middle East conflict zones
Oil prices slipped on Thursday as oil tankers continued to make their way out of the Middle East. Brent futures fell $1.29, or 1.42%, to $89.45 a barrel as of 0110 GMT. U.S. West Texas Intermediate (WTI) crude fell 56 cents, or 0.66%, to $83.90 a barrel. Brent settled up 7.91% in the previous session and WTI up 6.56%.
Thirty-nine commodity ships passed through the Bab el-Mandeb strait into the Red Sea on Tuesday, the highest number since July 19. IG market analyst Tony Sycamore stated, "While overall volumes are reduced, oil continues to leak out of the region through multiple channels, and additional workarounds are being explored. The longer this situation persists, the more these alternative routes and methods will erode Iran's leverage over the Strait of Hormuz." The Strait of Hormuz has been largely blocked since the start of the U.S.-Iran war in February. Iran ruled out an Omani proposal for regional joint management of the strait on Wednesday. U.S.-Saudi strikes hit Iran-backed paramilitary forces in Iraq on Wednesday.
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Oil prices saw a slight dip on Thursday despite escalating tensions in the Middle East, as tankers continued to navigate conflict zones. This
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