Crude oil prices fell early Friday as increased tanker flows through crucial maritime chokepoints relieved immediate supply worries. However, both global benchmarks remained on track for a monthly surge of roughly 20%.
According to market trading data, Brent crude futures fell $1.03, or 1.2$, to $88.00 a barrel by 0215 GMT. U.S. West Texas Intermediate slipped $1.50, or 1.8%, to $82.09 a barrel.
The downward session pressure comes despite a lack of major diplomatic breakthroughs in ongoing negotiations between Washington and Tehran over regional security, leaving an underlying geopolitical risk premium firmly embedded in energy prices.
Improving vessel transit through strategic waterways like the Strait of Hormuz helped temper immediate supply disruption fears, balancing elevated geopolitical risks that have driven market volatility throughout the month.
Further supporting the broader monthly rally, U.S. commercial crude inventories plunged by 7.2 million barrels to 404.5 million barrels in late July, touching their lowest operational levels since 2018, government data showed.
