NEW YORK: Global oil prices slipped slightly on Thursday after Iranian media reported that around 30 vessels had recently crossed the Strait of Hormuz, raising hopes of limited easing in one of the world’s most critical energy routes.
Brent crude fell 0.7 percent to $104.90 a barrel, while U.S. West Texas Intermediate crude dropped 0.2 percent to $100.82. Earlier in the session, Brent had climbed above $107 before losing momentum.
Iran’s semi-official Fars news agency reported that Tehran had started allowing some Chinese-linked vessels to pass through the strait. The development came as the White House said U.S. President Donald Trump and Chinese President Xi Jinping agreed that the waterway must remain open for global energy supplies.
Analysts said the gradual movement of ships through the strait has improved market sentiment, although concerns over supply disruptions remain strong. The Strait of Hormuz has faced severe restrictions since the Iran conflict began earlier this year.
Meanwhile, the International Energy Agency warned that global oil supplies may remain under pressure as demand continues to outpace available inventories worldwide.
