Oil prices dip marginally as US weighs easing sanctions on ‘shadow fleet’ tankers
Amid fluctuating oil markets, current tensions in the Middle East and possible shifts in US sanctions have resulted in a marginal decline in oil prices. WTI crude is priced at $97.31, with Brent crude at $105.40. While recent moves to lift restrictions on certain vessels aim to counter soaring global freight rates, the International Energy Agency's diesel release hasn't completely eased concerns…
Oil prices experienced a minor dip on Friday, as investors weighed rising Middle East tensions against the potential easing of US sanctions on "shadow fleet" tankers. Brent crude fell 0.52% to $105.40, while WTI crude declined 0.67% to $97.31. The drop came after a significant rise in US crude prices on Thursday, driven by a sharp reduction in US crude inventories.
However, supply increases have not fully alleviated market concerns. The International Energy Agency's plan to release over 20 million barrels of diesel, along with leftover oil from a March emergency reserve release, aims to boost availability and lower prices. Meanwhile, the US is considering lifting restrictions on certain vessels in the "shadow fleet," which has transported oil from sanctioned countries like Russia, Iran, and Venezuela.
This move is intended to ease global freight rates, following the Trump administration's temporary lifting of sanctions on Russian diesel fuel. The Middle East conflict, including Saudi Arabia's ongoing conflict with Yemen's Houthis and attacks on ships in the region, continues to exert pressure on oil prices.
Brief written by urgent.news from Times of India's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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