Abu dhabi: Oil prices retreated after a recent rally sparked by fears of supply disruptions in the Middle East, as investors monitored indications of easing regional tensions and smoother shipping activity through the Strait of Hormuz. Brent crude futures fell by 89 cents, or 1.12 percent, to US$78.66 a barrel. US West Texas Intermediate (WTI) crude futures declined by 98 cents, or 1.28 percent, to US$75.81 a barrel.
According to Emirates News Agency, the recent fluctuations in oil prices come as geopolitical dynamics in the Middle East begin to stabilize, reducing concerns about potential impacts on oil supply routes. The Strait of Hormuz, a key chokepoint for global oil transportation, has seen improved shipping movements, contributing to the easing of market apprehensions.