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Oil Prices Fall Amid Supply and Shipping Updates

Oil prices declined as investors balanced Middle East supply risks against potential US efforts to ease shipping costs by relaxing vessel sanctions. Increased output from Russia and the Middle East also weighed on the market despite a sharp drop in US crude inventories.

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An oil pumpjack in front of a house in Ganado, Texas, U.S., January 8, 2026. REUTERS/Antranik Tavitian

Brent Crude Oil fell $1.39 to $104.67 a barrel during early trading Thursday morning as market participants weighed escalating Middle East supply risks against potential U.S. sanctions relief.
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