Crude oil prices fell sharply on Saturday following the latest exchanges between US and Iranian forces in the Gulf region.
Brent crude declined by nearly 2.04 per cent, while West Texas Intermediate (WTI) dropped 2.6 per cent to $90.54 per barrel in early trade. The Murban crude benchmark fell $2.82, or 3.02 per cent, to $90.68.
Other grades also witnessed declines: WTI Midland was down 2.69 per cent at $91.17, Mars crude dropped 1.76 per cent to $112.21, and Western Canadian Select fell 3.56 per cent to $80.69.
Natural gas and heating oil continued to register losses, while gasoline showed a modest gain of 0.25 per cent.
The price drop came after US forces stationed in the Gulf boarded the crude oil tanker MT Davina, part of Iran’s so-called “ghost fleet” used for shipping oil to China and other buyers.
A US-led blockade of Iranian ports and efforts to restore safe passage for global shipping in the Strait of Hormuz have severely disrupted oil flows for months.
Iran has reportedly lost over $6 billion in oil revenues since the US naval blockade began in March.
Oil prices have remained highly volatile over the past few months due to a shaky ceasefire, proxy tensions, and competing narratives on sanctions relief and Iran’s nuclear programme.
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