Brent, WTI slip after Iran allowed Chinese tankers through Hormuz
Business
Oil prices slipped on Thursday (Brent crude dropped to $104.90 a barrel and US WTI to $100.82 a barrel) after Iran allowed more vessels, including Chinese tankers, to pass through the Strait of Hormuz under new arrangements with China.
One highlight: a Chinese supertanker finally moved 2 million barrels of Iraqi oil after being stuck for months.
Unidentified vessel seized near Fujairah
Analysts say the extra ship traffic has eased some market nerves but won't shake up global oil supply much, since the world's petroleum moves through this narrow strait anyway.
Meanwhile, things aren't exactly calm in the region: a separate incident saw an unidentified vessel seized near the UAE's Fujairah port and redirected toward Iranian waters, adding another layer to ongoing tensions.