UNITED STATES – Oil prices fell as renewed diplomatic attempts to defuse tensions in the Middle East alleviated market fears about petroleum supply. Brent crude concluded at USD 113.88 per barrel, down USD 1.93 or 1.67%, and US West Texas Intermediate (WTI) closed at USD 99.90 per barrel, down USD 1.86 or 1.83%. Despite the dip, prices remained at six-month highs as a resolution to the US-Israeli war with Iran remained elusive. Continued Houthi strikes on Saudi Arabia and threats to commercial shipping around the Strait of Hormuz heightened concerns about energy infrastructure and transit routes, making oil markets vulnerable to escalating political and security developments.
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(Source: Reuters; Business Recorder)
