UNITED STATES – Global oil benchmarks fell as markets processed the anticipated US economic sanctions against Iran’s oil trading partners. Brent crude futures declined 1% to USD 93.45 per barrel, while West Texas Intermediate dropped to USD 86.14 per barrel, halting a recent run fuelled by supply constraints. According to maritime vessel tracking data, tanker transit through the Strait of Hormuz bottleneck has been reduced by half, significantly decreasing Iranian crude supplies to Asian buyers while maintaining high geopolitical risk premiums across international energy markets.
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(Source: Business Today)
