⛽ Oil prices dip amid Hormuz supply tensions
Oil prices saw a slight dip on Thursday as investors analyzed the impact of recent US-Iran strikes on supplies via the Strait of Hormuz. Brent crude was at $95.33 per barrel, while WTI traded at $90.88 per barrel around 7:30 am IST. Preliminary data showed only four commodity vessels passed through the waterway on Wednesday, below the usual 13-day average. The Islamic Revolutionary Guard Corps stated that US attacks would further restrict traffic through the critical strait. Global nations are now trying to secure alternative supplies to manage the resulting price volatility. ⛽