Doha: Oil prices experienced a slight decline at market open on Tuesday but continued to hover near four-month highs. This comes amid ongoing market fluctuations and geopolitical tensions affecting global oil supplies.
According to Qatar News Agency, Brent futures saw a decrease of 22 cents, representing a 0.27% drop, settling at $80.79 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude experienced a drop of 16 cents, equating to a 0.2% decline, closing at $78.66 per barrel.
The recent price movements followed a significant upward trend on Monday, where oil prices surged by approximately 2%. This increase was largely driven by the US Treasury Department’s sanctions, announced last Friday, targeting Russian oil companies Gazprom Neft and Surgutneftegas. Additionally, sanctions were imposed on 183 vessels involved in trading oil within Russia’s so-called “shadow fleet” of tankers. These measures have contributed to the volatility in oil prices as markets react to the potential impact on global oil supply chains.