Global oil prices fell nearly 2% on Thursday as investors evaluated the possibility of increased Russian oil transportation capacity and its implications for international energy supplies.
Brent crude futures declined by approximately $2.28 to $103.78 per barrel, while US West Texas Intermediate crude fell to around $93.75.
The decline followed reports that US authorities were considering adjustments to restrictions affecting certain vessels associated with Russia's so-called shadow fleet, potentially allowing more legally permitted oil shipments to reach international markets.
The possibility of increased tanker availability raised expectations that transportation costs could ease, reducing some of the pressure on global fuel supplies.
However, geopolitical risks remained significant as tensions in the Middle East continued to threaten major shipping routes and energy infrastructure.
Recent attacks involving commercial vessels, alongside disruptions affecting Russian refining facilities, have added uncertainty to international petroleum markets.
Traders are also closely monitoring US crude oil inventories after industry estimates pointed to a substantial decline in stockpiles, suggesting that supply conditions remain sensitive to changes in consumption and production.
Energy market participants are weighing the potential impact of additional shipments against ongoing security risks, high transportation costs and uncertainty surrounding the global economic outlook.
The latest price movements demonstrate how changing supply expectations and geopolitical developments continue to influence crude oil prices, even as demand concerns and monetary policy uncertainty affect broader commodity markets.
