Oil prices fell on Thursday amid mixed prospects for escalating tensions between the United States and Iran, as well as concerns over potential supply disruptions. Both oil benchmarks had risen 0.9% and 1% respectively on Wednesday, as investor concerns outweighed an increase in US crude inventories. According to John Evans, an analyst at PVM, the possibility of 20 million barrels of oil per day being disrupted at the Strait of Hormuz caused prices to rise despite the increase in US inventories, adding that a weaker dollar also supported prices. West Texas Intermediate (WTI) crude oil retreated 2.2% to $63.30. Brent crude futures fell 2% to $67.60 per barrel. Approximately 20% of the world's total oil consumption passes through the Strait of Hormuz.
