WTI and Brent crude fall over 1.5% despite new attacks on energy routes, as markets prioritize Oman negotiations.
Crude oil prices retreated Thursday, with WTI trading near $82.00 and Brent just above $86.50, both down more than 1.5%. The decline follows a series of attacks on energy infrastructure, including strikes on Egyptian and Saudi pipelines, yet markets remain fixated on shipping negotiations in Muscat.
Earlier this week, a drone hit two gas vessels at Egypt’s Damietta port, while Yemen’s Houthis claimed an attack on Saudi Arabia’s East-West pipeline. Despite these escalations, oil prices erased gains from Wednesday’s rally, signaling investor focus on potential breakthroughs in Hormuz-related talks rather than geopolitical risks.
The Suez Canal and Egyptian pipelines have served as critical alternatives since Hormuz disruptions began. With all bypass routes now targeted, the market’s muted reaction underscores expectations that diplomatic progress could ease supply concerns.