Brent Futures Decline Over 2% Amid Recovering Middle East Exports
Brent crude futures fell 2.6% to $97.73 a barrel on Tuesday, influenced by recovering Middle East export volumes. However, persistent shipping risks around the Strait of Hormuz and renewed conflict near the Bab al-Mandeb Strait continue to underpin market concerns.
Oil prices fell Tuesday as traders weighed recovering Middle East crude exports against fresh shipping incidents around the Strait of Hormuz and renewed fighting near the Bab al-Mandeb Strait. 73 a barrel, while December West Texas Intermediate futures also declined.