Global oil prices declined on Saturday as traders reassessed the risks associated with ongoing tensions between the United States and Iran. The drop came amid signs that any potential military confrontation between the two countries would likely remain limited, reducing immediate concerns over disruptions to energy supplies.
According to market data, U.S. West Texas Intermediate (WTI) crude fell by more than 2.6 percent to $90.54 per barrel. Brent crude, the international benchmark, dropped by $1.94, or 2.04 percent, to $93.09 per barrel during morning trading in Beijing.
Other crude benchmarks also recorded losses. Murban crude declined by 3.02 percent to $90.68 per barrel, while WTI Midland fell by 2.69 percent to $91.17 per barrel. Mars crude dropped by 1.76 percent to $112.21 per barrel, and Western Canadian Select slipped by 3.56 percent to $80.69 per barrel.
Prices for natural gas and heating oil also moved lower, although diesel prices registered a modest increase of 0.25 percent.
The Strait of Hormuz, one of the world’s most critical energy transit routes, has remained at the center of global attention since the outbreak of hostilities between the United States and Iran earlier this year. Nearly one-fifth of the world’s seaborne oil passes through the narrow waterway.
Following the conflict that began in late February, oil shipments through the Strait of Hormuz were significantly disrupted, raising fears of supply shortages and driving energy prices higher. However, recent market assessments suggest that the risk of a major interruption to oil flows has eased, contributing to the latest decline in crude prices.
Analysts say investors will continue to closely monitor developments in the Middle East, as any escalation in tensions could once again affect global energy markets.
