Oil Prices Fall as US Weighs Tanker Sanctions Relief Despite Hormuz Tensions

Crude oil benchmarks fell on Thursday, with Brent dropping $1.50, or 1.41%, to $104.55 per barrel and WTI sliding $1.02, or 1.07%, to $94.07 per barrel. Selling pressure mounted as markets weighed reports that the U.S. is considering easing sanctions on shadow-fleet tankers to curb soaring maritime freight rates. Price gains were further capped by rising supply, including an increase in Russian crude output by 65,000 bpd to 8.43 million bpd and a 4.4 million bpd rebound in Middle East Gulf exports, offsetting an 11.1 million-barrel U.S. inventory draw and Strait of Hormuz attacks.