Eco
Oil prices retreated on Thursday, relinquishing some of their earlier gains, as oil tankers continued to depart from the Middle East region despite escalating regional tensions and the extended conflict between the United States and Iran. Brent crude futures fell by $1.29, or 1.42%, to $89.45 a barrel by 01:10 GMT. U.S. West Texas Intermediate (WTI) crude also declined by 56 cents, or 0.66%, settling at $83.90 a barrel. Brent crude prices had risen 7.91% in the previous day's settlement, while WTI gained 6.56%, marking one of the strongest surges during the Iran conflict. This rise reversed a 5% drop recorded on Tuesday, which followed a temporary halt in hostilities between the United States and Iran.
