Oil prices fall as Middle East tensions ease

Oil drilling rigs

Oil prices declined 1% today, April 8, as the Middle East tensions eased.

Brent crude futures dropped 1%, or $0.94, to $90.23 a barrel, at 22.53 GMT.

Similarly, futures prices for US West Texas Intermediate (WTI) crude lost 1%, or $90, to $86.01 per barrel.

Saudi Arabia, the world’s largest crude exporter, raised prices for all crude oil grades to Asia, in line with forecasts.

US oil rig count rose two units to 508 in the week ended April 5, General Electric Co.’s Baker Hughes energy services firm said in its report on Friday.

Gas rig count fell by two to 110, the lowest level since the week ended Jan. 14, 2022.