Oil falls for fourth day as Hormuz supply fears ease
OIL prices fell for a fourth consecutive session on Thursday as easing tensions around the Strait of Hormuz reduced immediate concerns over global energy supplies, while a stronger US dollar added further pressure to crude markets. Brent crude slippe...
Oil prices fell for a fourth consecutive day on Thursday as diplomatic progress between Iran and Oman eased tensions over the Strait of Hormuz, reducing concerns of a prolonged disruption to global energy supplies. Brent crude slipped towards US$87 a barrel, while a stronger US dollar added further pressure to crude markets. However, Iran's caution about reopening the critical shipping route and the ongoing geopolitical risks, such as Russia's potential escalation in Ukraine, kept uncertainty around the full restoration of traffic through the waterway.
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