London, Oct 15 (V7N)- Global oil prices declined on Thursday as traders weighed escalating security threats around the Strait of Hormuz against measures by the United States to ease oil-shipping costs.
Brent crude fell by $1.39 per barrel to $104.67, according to the reported market figures. US West Texas Intermediate (WTI) crude also declined, although the reported figure of $94.7 was not clear whether it referred to the price per barrel or the amount of the decrease.
Oil prices had risen a day earlier following an attack on Saudi Arabia’s state-owned oil company, Saudi Aramco, but reversed course on Thursday morning.
The latest decline came amid reports that a container ship and a cargo vessel had been attacked near the Strait of Hormuz over the previous 24 hours, heightening concerns about the security of maritime transport and the reliability of fuel supplies.
Attacks on vessels in and around the strategic waterway have reportedly increased over the past 10 days. Iran has said its actions are in response to a US blockade of Iranian ports and stricter sanctions imposed last month.
The Strait of Hormuz is one of the world’s most important energy transit routes, carrying a substantial share of global oil shipments. Any prolonged disruption could affect supply, shipping costs and international energy prices.
Meanwhile, reported US moves to ease sanctions-related restrictions affecting oil transportation have added downward pressure to prices, creating competing forces in an already volatile market.
Market movements remain sensitive to developments in the region, particularly any further disruption to shipping through the Strait of Hormuz.
END/SMA/AJ
