Crude Oil Prices Fall By Over $1 After Touching Three-Week-High

The crude oil prices on Thursday fell by over $1 in early trade on Thursday with the Brent crude dropping 1.30% to $104.70, shedding $1.38. Investors weighed threats to shipping through the Strait of Hormuz against the possibility of the US easing sanctions on oil-carrying vessels.
Brent crude dropped 1.30% to $104.70, shedding $1.38, while West Texas Intermediate (WTI) fell 1.07% to $94.07, a decline of $1.02. The decline followed a sharp rise in WTI in the previous session, when prices reached a three-week high.
Notably, the WTI rose to a three-week high in the prior session after the Houthis attacked Saudi Aramco’s headquarters. Iran said it was deploying new tactics to target ships in ⁠the Strait of Hormuz and keep oil prices high.
Iran announced new tactics to target vessels passing through the Strait of Hormuz, with the stated aim of keeping oil prices high.