Crude oil prices edged lower early Thursday as signs that oil cargoes were continuing to move through the Bab el-Mandeb Strait helped ease immediate concerns over global supply, despite renewed military exchanges between the United States and Iran and fresh attacks on energy infrastructure in the Middle East.
Brent crude fell by 1 percent to $89.46 per barrel, while US benchmark West Texas Intermediate (WTI) declined to $83.54 per barrel, as traders shifted focus from escalating geopolitical tensions to evidence that crude exports from the region were still finding their way to global markets.
The decline followed reports that 39 commodity carriers exited the Bab el-Mandeb Strait on Tuesday, suggesting that despite heightened security risks, shipping through one of the world’s key oil chokepoints has not ground to a halt. However, tanker movements through the Strait of Hormuz remain significantly below normal levels.
The price retreat came even as the conflict between Washington and Tehran intensified.
The US Central Command (CENTCOM) announced another round of strikes on Iranian targets on Wednesday, describing the attacks as “a powerful response to yesterday’s attempted Iranian attacks on US forces based in the Middle East.”
