Oil prices experienced a 3% decline on Thursday, prompted by an increasing number of shipping companies expressing readiness to navigate the Red Sea route.
This development alleviated concerns about potential disruptions in the supply chain, even as tensions in the Middle East remained elevated.
The more actively traded Brent crude futures for March delivery dropped by $2.24, equivalent to 2.82%, settling at $77.30.
Meanwhile, Brent futures for February delivery, set to expire after Thursday’s settlement, decreased by 1.58%, concluding at $78.39 per barrel, CNBC reported.
U.S. West Texas Intermediate crude futures saw a decrease of $2.34, or 3.16%, settling at $71.77 per barrel.
The decline followed a nearly 2% drop in oil prices on Wednesday, coinciding with the return of major shipping firms to the Red Sea.
Written by B.C. Begley
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B.C. Begley 