NewzOil prices declined by more than 1% on Thursday, with Brent crude futures dropping $1.64 to reach $104.42 a barrel by 0337 GMT. The market movement reflects investor uncertainty regarding global supply stability amidst ongoing geopolitical tensions.
Market participants are currently balancing concerns over potential supply disruptions caused by attacks on shipping vessels in the Strait of Hormuz against recent United States policy shifts. The U.S. is attempting to lower petroleum shipping costs by easing sanctions on specific vessels, a move intended to stabilize the flow of oil despite regional volatility.
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