Daily Market Updates: Oil prices fall as talks aim to manage ship traffic in Hormuz

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Oil prices fall as talks aim to manage ship traffic in Hormuz

Oil prices dropped after negotiations signaled an easing of shipping risks around the Strait of Hormuz, despite earlier gains tied to Red Sea tensions.

Reported · Written up by our desk · Energy

Crude prices fell as negotiations aimed at managing ship traffic in the Strait of Hormuz, according to CNBC World.

The report said crude had risen on Wednesday after Yemen's Houthis claimed they had struck a Saudi Arabian oil tanker in the Red Sea, highlighting how developments in surrounding waterways can quickly swing oil sentiment.

Latest closeWTI crude $75.32 ▼6.2%

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Sources

CNBC WorldOil prices fall on negotiations to manage ship traffic in Strait of Hormuz

Commodities

Oil prices fall as talks aim to manage ship traffic in Hormuz

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