2026.07.3020:00:32UTC+00Oil Prices Down on Thursday

Crude oil prices slipped nearly 1% to below $84 a barrel on Thursday, retracing part of the 6.6% surge seen in the previous session. The pullback came as signs of improving shipping flows through the Strait of Hormuz and ongoing diplomatic efforts to defuse regional tensions helped temper supply concerns, even as hostilities in the Middle East persisted.

Data from Kpler showed that 14 commodity vessels passed through the Strait of Hormuz in both directions on Wednesday, a notable increase from the single-digit daily crossings recorded last week. Qatar also sent its first LNG shipment through the vital waterway, while reports indicated that Saudi Arabia had proposed forming a naval coalition to protect key maritime trade routes.

At the same time, high crude inventories in China continued to dampen import demand, further easing worries about an imminent supply shortfall. Nonetheless, geopolitical risks remained elevated after US forces struck dozens of Iranian military targets in an effort to curb Tehran’s capacity to threaten regional shipping lanes and US allies.