Oil prices slip as tankers continue to ply Middle East conflict zones
Brent and West Texas Intermediate crude each fell 0.9% as tankers kept leaving the Middle East, easing some supply fears, Reuters said.
- On Thursday, July 30, oil prices dipped as tankers continued navigating Middle East conflict zones despite escalating tensions; Brent crude traded at $89.46 per barrel, down about 1% since Wednesday.
- U.S. Central Command announced renewed strikes against Iran-backed paramilitary forces in Iraq on Wednesday, retaliating for drone attacks on Saudi oil infrastructure and marking the first time Saudi forces publicly joined U.S. air strikes.
- Preliminary shipping data shows 39 commodity carriers exited the Bab el-Mandeb Strait on Tuesday, the highest volume since July 19, while traffic through the Strait of Hormuz remains subdued.
- Prices surged significantly in the previous session, with Brent settling up 7.91% and West Texas Intermediate rising 6.56% in one of the Iran war's sharpest spikes, reversing a 5% plunge on Tuesday.
- IG market analyst Tony Sycamore noted that alternative shipping routes will erode Iran's leverage over the Strait of Hormuz, as analysts warn this risk remains pronounced for middle distillates while crack spreads continue breaking records.
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Today's oil prices in Asia's early dealings gave up some of their gains while oil tankers continued to leave the Middle East. Brent's forward contracts fell $1.29, or 1.42 per cent, to $89.45 per barrel, and West Texas's US broker's ore declined 56 cents or 0.66 per cent to $83.90 per barrel.
Oil prices slip as tankers continue to ply Middle East conflict zones
Oil Prices Slip Despite New Attacks Across the Middle East
Crude oil prices ticked lower today on reports that oil tankers were still passing through the Bab el-Mandeb Strait, despite information about renewed strikes between the U.S. and Iran, and a drone attack on a tanker in an Egyptian port. At the time of writing, Brent crude was trading at $89.46 per barrel, with West Texas Intermediate at $83.54 per barrel, both down by about 1% since Wednesday’s close. Meanwhile, the U.S. Central Command announc…
On Thursday, July 30, oil prices fell despite the escalation of attacks in Gulf as investor attention shifted to supply flows through key bottlenecks in the region.
Oil prices fell a little on Thursday after the previous day's jump. At the middle of the week, the price had jumped by almost eight percent after the war between the US and Iran had boiled up again.
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