Baghdad: Oil prices are on a downward trend as millions of barrels of crude continue to flow through the Strait of Hormuz, a crucial channel for global oil shipments. The decline comes amid uncertainty surrounding the ongoing conflict between Iran and the United States, which has left markets in a state of anticipation.

According to National Iraqi News Agency, Brent crude futures for November delivery have settled near $88 a barrel, while West Texas Intermediate closed at around $83, marking a decrease of approximately 4% for the week. Despite this recent decline, Brent crude has seen a significant increase of over 45% since the start of the year, driven by the prolonged conflict that shows no signs of resolution.

The situation is further complicated by Gulf producers ramping up their exports, resulting in an estimated 6 to 8 million barrels of crude being transported daily through the Strait of Hormuz. This crucial passage remains a focal point for oil traders, who are closely monitoring the shipments.

Ho
wever, accurately measuring the volume of oil flows through the strait has become increasingly challenging. Analysts at Goldman Sachs Group have noted that the task is complicated by several factors, including tankers disabling their transponders, limited satellite coverage, and a rise in ship-to-ship transfers. These developments have added layers of complexity to the already volatile oil market, leaving stakeholders in a state of cautious watchfulness.