Brent crude falls 1.7% to $104.30 a barrel
- Brent Crude futures fell 1.7% to $104.30 per barrel as US plans to ease tanker sanctions weighed on prices.
- West Texas Intermediate dropped 1.1% to $94.03 per barrel, reversing gains from the prior session.
- The US administration is considering easing sanctions on shadow-fleet tankers to reduce record freight rates and curb petroleum costs.
Brent Crude futures fell 1.7% to $104.30 a barrel on Thursday as potential US sanction relief offset escalating supply risks in the Strait of Hormuz.
The price drop reversed previous gains driven by Houthi attacks on Saudi Aramco infrastructure and escalating ship strikes near the strategic waterway.
"While there is little concrete evidence of a near-term peace deal, oil continues to find its way to buyers through alternative routes and logistical arrangements," said Phillip Nova Head of Market Insights Priyanka Sachdeva.
To lower surging freight costs, the Trump administration is evaluating plans to allow legal oil shipments on previously sanctioned shadow-fleet vessels from Russia, Iran, and Venezuela.
Middle East Gulf crude exports rebounded by 4.4 million barrels per day in September, reaching approximately 75% of prewar volume levels.
American Petroleum Institute data indicated US crude oil inventories dropped by 11.1 million barrels for the week ended October 9, though official government figures remain pending.
