US benchmark crude oil prices fell by about $1, giving up some of the previous day’s gains as markets assessed the risks to energy supplies from the Middle East.
Reuters reported early Thursday, October 29, that US crude oil prices had risen by 3% the previous day.
According to the report, West Texas Intermediate (WTI), the US crude benchmark, fell by 92 cents, or 0.9%, to $101.86 per barrel.
The decline came after prices had dropped as low as $101.75 per barrel.
Meanwhile, escalating tensions and conflict in the Middle East, along with the continued closure of the Strait of Hormuz and the Bab el-Mandeb Strait, continue to threaten disruptions to energy supply chains from the region.
