Oil Prices Slide as US Eyes Sanctions Relief for Russia’s Shadow Fleet

TLDR Brent crude fell 2.2% to $103.78 a barrel and WTI dropped 1.4% to $93.75 on Thursday. A US official said the administration is considering easing sanctions on some Russian “shadow fleet” tankers. Ship attacks near the Strait of Hormuz and Ukrainian strikes on Russian refineries limited the decline. API data showed US crude stocks fell 11.1 million barrels, a bigger draw than analysts expected. Official US inventory data is due at 12 p.m. EDT on Thursday. Oil prices fell about 2% on Thursday after the US said it is weighing easier sanctions on some Russian tankers. Attacks on ships in the Middle East and strikes on Russian energy sites limited the drop. Brent crude futures fell $2.28, or 2.2%, to $103.78 a barrel by 0729 GMT.

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