Oil prices fell by more than $1 in early trade on Thursday as investors assessed the risk of supply disruptions from attacks on shipping in the Strait of Hormuz against US efforts to lower petroleum transport costs by easing sanctions on vessels.
Brent crude futures declined $1.50, or 1.41%, to $104.55 a barrel, while US West Texas Intermediate (WTI) crude futures dropped $1.02, or 1.07%, to $94.07. Both benchmarks reversed gains made in the previous session.
