Oil Prices Drop After Three-Day Gains as Hormuz Flows Improve
Oil prices declined on Thursday after three consecutive sessions of gains, with Brent crude falling to $95.43 a barrel and WTI dropping to $90.83 per barrel during Asian trading. The easing came amid signs that oil flows through the Strait of Hormuz were recovering following recent military tensions between the U.S. and Iran. U.S. President Donald Trump indicated that renewed strikes against Iran would not continue long-term, while preliminary data showed increased crude shipments passing through the strait. However, shipping activity remained inconsistent with only four vessels recorded on Tuesday compared to a 10-day average of around 13. U.S. commercial crude inventories also fell by 4.5 million barrels last week. Markets are now looking ahead to an OPEC+ meeting scheduled for Sunday where the group is expected to maintain its October output policy, following recent adjustments in production quotas.
Topics: Hormuz Strait oil US-Iran tensions