Oil prices fell by more than 1% on Thursday as concerns about shipping disruptions along the Red Sea route subsided, even as tensions in the Middle East continue to escalate.
Brent crude futures fell in February by about 1.3% to 78.63 dollars per barrel
US WTI crude futures also fell 1.1% to USD 73.29 per barrel
Oil prices fell by about 2% on Wednesday as major shipping companies began to return to the Red Sea Route.
The operating schedule of the Danish shipping company "Maersk" on Thursday that the company will direct almost all container ships sailing between Asia and Europe through the Suez Canal from now on while shifting only a few to the Cape of Good Hope route
Major shipping companies, including container giants Maersk and Hapag Lloyd, stopped using the Red Sea and Suez Canal route earlier this month after Yemen's Houthi group began targeting ships, disrupting global trade
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