Baku:Oil prices dropped by over $1 in early Thursday trading as market participants considered the implications of supply risks from recent attacks on shipping in the Strait of Hormuz, alongside US actions to reduce oil transport costs by easing sanctions on vessels.
According to Qatar News Agency, Brent crude futures decreased by $1.39, or 1.31%, reaching $104.67 per barrel at 0116 GMT. Similarly, US West Texas Intermediate (WTI) crude futures fell by $1.02, or 1.07%, to $94.07, reversing gains from the previous session.
In the prior session, WTI had reached a three-week high.