By Shadia Nasralla
London — Oil prices dipped on Thursday after Iran’s state media said about 30 vessels had crossed the Strait of Hormuz in recent hours while the semi-official Fars news agency cited a source saying Iran had begun allowing transit for some Chinese vessels.
Meanwhile, the White House, speaking of US President Donald Trump’s meeting Chinese President Xi Jinping, said both leaders agreed the Strait of Hormuz must be open for the free flow of energy. Xi said the “rejuvenation of China” and “Make America Great Again” can go hand in hand.
Easing from an earlier high of $107.13 a barrel, Brent crude oil futures were down 60c, or 0.6%, to $105.03 a barrel at 14.22 GMT. US West Texas Intermediate futures dropped 52c, or 0.5%, to $100.50.
Both contracts fell on Wednesday as investors worried about possible US interest rate hikes as higher fuel prices spur inflationary pressures. Brent crude futures lost more than $2 a barrel, while WTI futures dropped more than $1.
