Crude prices retreat as oil continues flowing through Hormuz alternatives

AI Summary

Crude oil prices declined following a prior rally as oil shipments continued through alternative routes around the Strait of Hormuz. Despite escalating conflict including US-Saudi military strikes against Iran-backed forces in Iraq, oil supply routes remain active with Saudi Arabia forming a coalition to protect Red Sea shipping.

Oil prices declined on Thursday after a significant rally the previous day. Crude oil continued to move out of the Middle East despite escalating conflict. Shipping activity indicated that oil supplies were still finding routes out of the region. Military actions intensified with US-Saudi strikes targeting Iran-backed forces in Iraq. Saudi Arabia is reportedly assembling a coalition to protect Red Sea shipping from Houthi attacks.