Baku:Investors saw oil prices fall by more than $1 in early trading on Thursday as they considered the impact of escalating attacks on vessels in the Strait of Hormuz and the United States’ efforts to reduce oil transportation costs by easing sanctions on certain ships.

According to National Iraqi News Agency, Brent crude futures decreased by $1.39, or 1.31%, to $104.67 per barrel by 0116 GMT. Meanwhile, US West Texas Intermediate (WTI) crude dropped by $1.02, or 1.07%, to $94.07 per barrel, reversing gains recorded in the previous session.

WTI had previously risen to a three-week high following a Houthi attack on the headquarters of Saudi Aramco and Iran’s announcement of new tactics aimed at targeting vessels in the Strait of Hormuz, actions that were seen as attempts to maintain elevated oil prices.