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Oil prices edge lower as some tankers still pass Bab el-Mandeb

Brent was quoted around $89.5 per barrel and WTI around $83.5, both down about 1% since Wednesday’s close, even as U.S. forces announced renewed strikes on targets in Iran.

Reported · Written up by our desk · Energy

Crude oil prices fell as some tankers continued to move through the Bab el-Mandeb Strait despite renewed reports of attacks across the Middle East. OilPrice said traders were also weighing a drone strike on a U.S.-owned tanker used for floating storage at Egypt’s port of Damietta, along with information about renewed U.S. and Iran-related strikes.

At the time of writing, Brent crude traded around $89.46 per barrel and West Texas Intermediate around $83.54 per barrel, each down roughly 1% since Wednesday’s close. The outlet noted that ship-trackers recorded 39 commodity carriers exiting the Bab el-Mandeb on Tuesday, while traffic through the Strait of Hormuz remained subdued.

OilPrice also cited the U.S. Central Command’s announcement that renewed strikes were a response to an attempted Iranian attack on U.S. forces in the region. The report added that Iran fired missiles at U.S. troops in Jordan, and U.S. and Saudi forces struck Iran-aligned groups in Iraq that were reported to be planning attacks on Saudi energy infrastructure.

The coverage further said later reports mentioned two liquefied natural gas tankers in the context of the Damietta terminal, while traders appeared to focus more on ongoing routes out of the Middle East through multiple channels. The outlet said workarounds were being explored as overall volumes were reduced.

Latest closeWTI crude $84.41 ▲6.5%|Brent $90.40 ▲7.5%|Nat gas $2.723 ▲2.3%

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