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Oil prices retreat as investors weigh supply outlook, Middle East tensions
In the US, crude oil and distillate inventories fell, while gasoline stocks rose last week, market sources said on Wednesday, citing data from the American Petroleum Institute.
Oil prices fell more than 1% on Thursday as investors weighed risks to supply from attacks on shipping through the Strait of Hormuz against US efforts to cut petroleum shipping costs by easing sanctions on vessels.
With the Iran war having disrupted shipping and driven up freight costs to record highs, the Trump administration is considering easing sanctions on so-called shadow-fleet vessels that have transported oil and petroleum products from countries including Russia, Iran and Venezuela to help ease prices, a US official said on Wednesday.
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